Sec. 92.607. DISSOLUTION. (a) A limited savings bank organized under this subchapter is dissolved on:
(1) the expiration of the period fixed for the duration of the limited savings bank; or
(2) the occurrence of events specified in the certificate of formation or company agreement to cause dissolution.
(b) A dissolution under this section is considered a resolution to close the savings bank under Section 96.251.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 92 - Organizational and Financial Requirements
Subchapter M. Limited Savings Bank
Section 92.601. Application to Organize
Section 92.602. Liability of Members and Managers
Section 92.604. Managers of Limited Savings Bank
Section 92.605. Withdrawal or Reduction of Member's Contribution
Section 92.606. Company Agreement of Limited Savings Bank
Section 92.608. Allocation of Profits and Losses
Section 92.610. Amendment of Governing Documents
Section 92.611. Application of Other Provisions to Limited Savings Banks; Miscellaneous Provisions