Texas Finance Code - FIN § 62.501. Resolution to Liquidate and Dissolve;  Approval by Commissioner

(1) at an annual meeting or a special meeting called for that purpose, the members and shareholders by majority vote adopt a resolution to liquidate and dissolve;  and

(2) a copy of the resolution certified to by the president and the secretary of the association and an itemized statement of the association's assets and liabilities sworn to by a majority of its board is filed with and approved by the commissioner.

(1) the association may not accept additional savings accounts or additions to savings accounts or make additional loans;  and

(2) the association's income and receipts in excess of actual expenses of liquidation shall be applied to the discharge of its liabilities.