Section 62.501 - Resolution to Liquidate and Dissolve; Approval By Commissioner(a) An association may liquidate and dissolve if:(1) at an annual meeting or a special meeting called for that purpose, the members and shareholders by majority vote adopt a resolution to liquidate and dissolve; and(2) a copy of the resolution certified to by the president and the secretary of the association and an itemized statement of the association's assets and liabilities sworn to by a majority of its board is filed with and approved by the commissioner.(b) On the approval by the commissioner of the resolution:(1) the association may not accept additional savings accounts or additions to savings accounts or make additional loans; and(2) the association's income and receipts in excess of actual expenses of liquidation shall be applied to the discharge of its liabilities. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.