Sec. 273.211. EFFECT OF DISSOLUTION. (a) On dissolution, money in the primary account shall be used to redeem all securities issued by the corporation and held by a member association. If money in the primary account is insufficient to redeem the securities, the administrative account may be used.
(b) On dissolution, the earnings of the corporation accrue to this state and may not be distributed to any other person.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses
Chapter 273 - Savings and Loan Supplemental Fund Act
Subchapter C. Operation of Corporation
Section 273.201. Plan of Operation; Amendment
Section 273.202. Temporary Plan of Operation
Section 273.203. Powers of Corporation
Section 273.204. Conditions Under Which Corporation May Exercise Powers and Duties
Section 273.205. Consideration for Assistance
Section 273.206. Cancellation of Membership
Section 273.207. Redemption of Securities
Section 273.208. Immunity From Liability