Sec. 370.332. INVOLUNTARY DISSOLUTION

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(a) The commission by order may require an authority to dissolve if the commission determines that the authority has not substantially complied with the requirements of a commission rule or an agreement between the department and the authority.
(b) The commission may not require dissolution unless:
(1) the conditions described in Sections 370.331(c)(1) and (2) have been met; and
(2) the holders of any indebtedness have evidenced their agreement to the dissolution.

Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.

                    
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