Texas § FI.62.501 - RESOLUTION TO LIQUIDATE AND DISSOLVE
Full text of Texas The Texas Constitution § FI.62.501 — RESOLUTION TO LIQUIDATE AND DISSOLVE, with citation guidance and answers to common questions.
§ FI.62.501. RESOLUTION TO LIQUIDATE AND DISSOLVE
RESOLUTION TO LIQUIDATE AND DISSOLVE; APPROVAL BY COMMISSIONER. (a) An association may liquidate and dissolve if: (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. (b) On the approval by the commissioner of the resolution: (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. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Frequently Asked Questions About Texas § FI.62.501
What does The Texas Constitution § FI.62.501 cover?
Section FI.62.501 ("RESOLUTION TO LIQUIDATE AND DISSOLVE") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.62.501?
A common citation format is "The Texas Constitution § FI.62.501" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.62.501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.