Texas Finance Code - Section 36.201. Action To Close State Bank
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§ 36.201. ACTION TO CLOSE STATE BANK. (a) The banking
commissioner may close and liquidate a state bank on finding that:
(1) the interests of the bank's depositors and
creditors are jeopardized by the bank's insolvency or imminent
insolvency; and
(2) the best interests of depositors and creditors
would be served by requiring that the bank be closed and its assets
liquidated.
(b) A majority of the bank's directors, managers, or
managing participants may voluntarily close the bank and place it
with the banking commissioner for liquidation.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.106 36.107 36.108 36.109 36.110 36.111 36.112 36.201 36.202 36.203 36.204 36.205 36.206 36.207 36.208
Last modified: August 10, 2007
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