(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.