126.452 – NOTIFICATION TO COMMISSIONER OF PROPOSED
Texas Finance Code § 126.452
Summary
This law requires the presiding officer of a board to notify the commissioner in writing about a proposed voluntary liquidation within five days of the board's resolution. It ensures that the commissioner is informed of the reasons for the liquidation, promoting transparency in the process.
Notification must occur within five days of board resolution.
Written reasons for liquidation are required.
Applies to boards proposing voluntary dissolution.
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In simple terms: Learn about Texas's NOTIFICATION TO COMMISSIONER OF PROPOSED law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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