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Texas Finance Code - Section 36.111. Closure By Banking Commissioner For Involuntary Dissolution And Liquidation

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 36.111. Closure By Banking Commissioner For Involuntary Dissolution And Liquidation

§ 36.111. CLOSURE BY BANKING COMMISSIONER FOR INVOLUNTARY 
DISSOLUTION AND LIQUIDATION.  The banking commissioner may close a 
state bank for involuntary dissolution and liquidation under this 
chapter if the banking commissioner determines that:
		(1)  the voluntary liquidation is:                                            
			(A)  being conducted in an improper or illegal 
manner;  or                 
			(B)  not in the best interests of the bank's 
depositors and creditors;  or 
		(2)  the bank is insolvent or imminently insolvent.                           

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.                   

Last modified: August 10, 2007