Texas Statutes
Subchapter B. Voluntary Dissolution
Section 36.108. Final Liquidation

Sec. 36.108. FINAL LIQUIDATION. (a) After the bank has taken all of the actions specified by Sections 36.102, 36.105, and 36.107, paid all its debts and obligations, and transferred all property for which a legal claimant has been found after the time for presentation of claims has expired, the bank shall make a list from its books of the names of each depositor, creditor, owner of personal property in the bank's possession or custody, or lessee of any safe, vault, or box, who has not claimed or has not received a deposit, debt, dividend, interest, balance, or other amount or property due to the person. The list must be sworn to or affirmed by a majority of the bank's board.
(b) The bank shall:
(1) file the list and any necessary identifying information with the banking commissioner;
(2) pay any unclaimed money and deliver any unclaimed property to the comptroller as provided by Chapter 74, Property Code; and
(3) certify to the banking commissioner that the unclaimed money has been paid and unclaimed property has been delivered to the comptroller.
(c) After the banking commissioner has reviewed the list and has reconciled the unclaimed cash and property with the amounts of money and property reported and transferred to the comptroller, the banking commissioner shall allow the bank to distribute the bank's remaining assets, if any, among its shareholders as their ownership interests appear.
(d) After distribution of all remaining assets under Subsection (c), the bank shall file with the department:
(1) an affidavit and schedules, sworn to or affirmed by a majority of the bank's board, showing the distribution to each shareholder;
(2) all copies of reports of examination of the bank in its possession; and
(3) its original charter or an affidavit stating that the original charter is lost.
(e) After verifying the submitted information and documents, the banking commissioner shall issue a certificate canceling the charter of the bank.
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. 51, eff. September 1, 2007.