Texas Finance Code - Section 36.226. Resumption Of Business
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§ 36.226. RESUMPTION OF BUSINESS. (a) A state bank
closed under Section 36.201 may not be reopened without the
approval of the banking commissioner unless a contest of
liquidation under Section 36.204 is finally resolved adversely to
the banking commissioner and the court authorizes the bank's
reopening.
(b) The banking commissioner may place temporary limits on
the right of withdrawals by or payments to individual depositors
and creditors of a bank reopened under this section. The limits:
(1) must apply equally to all unsecured depositors and
creditors;
(2) may not defer a withdrawal by or payment to a
secured depositor or creditor without the person's written consent;
and
(3) may not postpone the right of full withdrawal or
payment of unsecured depositors or creditors for more than 18
months after the date that the bank reopens.
(c) As a depositor or creditor of a reopened bank, this
state or a political subdivision of this state may agree to
temporary limits that the banking commissioner places on payments
or withdrawals.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.219 36.220 36.221 36.222 36.223 36.224 36.225 36.226 36.227 36.301 36.302 36.303 36.304 36.305 36.306
Last modified: August 10, 2007
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