Texas Finance Code - Section 186.201. Action To Close State Trust Company
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Texas Lawyer > Finance Code > Texas Finance Code - Section 186.201. Action To Close State Trust Company
§ 186.201. ACTION TO CLOSE STATE TRUST COMPANY. (a) The
banking commissioner may by written order close and liquidate a
state trust company on finding that:
(1) the interests of its clients and creditors are
jeopardized by the state trust company's insolvency or imminent
insolvency; and
(2) the best interests of clients and creditors would
be served by requiring that the state trust company be closed and
its assets liquidated.
(b) A majority of the state trust company's directors,
managers, or managing participants may voluntarily close the state
trust company and place it with the banking commissioner for
liquidation.
Added by Acts 1999, 76th Leg., ch. 62, § 7.16(a), eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 412, § 3.12, eff.
Sept. 1, 2001.
Section: 186.106 186.107 186.108 186.109 186.110 186.111 186.112 186.201 186.202 186.203 186.204 186.205 186.206 186.207 186.208
Last modified: August 10, 2007
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