(a) The corporation may be dissolved on:
- (1) approval of the commissioner;
- (2) unanimous approval of the board; and
- (3) approval of two-thirds of the member associations.
- (b) The corporation may be dissolved if member associations are required to contribute to any fund similar to the corporation's primary account, other than a fund in which member associations pay premiums to the Federal Deposit Insurance Corporation for insurance of accounts.
- (c) The commissioner and the board shall establish procedures for dissolution.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.