Sec. 33.208. DISSOLUTION. The bylaws or the participation agreement may not require automatic termination, dissolution, or suspension of the limited banking association on the death, disability, bankruptcy, expulsion, or withdrawal of a participant, or on the happening of any other event other than the passage of time.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 34, eff. September 1, 2007.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 33 - Ownership and Management of State Bank
Subchapter C. Limited Banking Association
Section 33.201. Liability of Participants and Managers
Section 33.204. Management of Limited Banking Association
Section 33.206. Interest in Limited Banking Association; Transferability of Interest
Section 33.209. Allocation of Profits and Losses
Section 33.211. Application of Other Provisions to Limited Banking Associations