Texas Finance Code - Section 36.313. Excess Assets
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Texas Lawyer > Finance Code > Texas Finance Code - Section 36.313. Excess Assets
§ 36.313. EXCESS ASSETS. (a) If bank assets remain after
the receiver has provided for unclaimed distributions and all of
the liabilities of the bank in liquidation, the receiver shall
distribute the remaining assets to the shareholders or participants
of the bank.
(b) If the remaining assets are not liquid or if they
otherwise require continuing administration, the receiver may call
a meeting of the shareholders or participants and
participant-transferees of the bank. The receiver shall give
notice of the meeting:
(1) in a newspaper of general circulation in the
county where the home office of the bank was located; and
(2) by written notice to the shareholders or
participants and participant-transferees of record at their last
known addresses.
(c) At the meeting, the shareholders or participants shall
appoint one or more agents to take over the affairs to continue the
liquidation for the benefit of the shareholders or participants and
participant-transferees. Voting privileges are governed by the
bank's bylaws and articles of association. If a quorum cannot be
obtained at the meeting, the banking commissioner shall appoint an
agent. An agent appointed under this subsection shall execute and
file with the court a bond approved by the court, conditioned on the
faithful performance of all the duties of the trust.
(d) Under order of the court the receiver shall transfer and
deliver to the agent or agents for continued liquidation under the
court's supervision all assets of the bank remaining in the
receiver's hands. The court shall discharge the receiver from
further liability to the bank and its depositors, creditors,
shareholders, participants, and participant-transferees.
(e) The bank may not resume business and the charter of the
bank is void on the date the court issues the order directing the
receiver to transfer and deliver the remaining assets of the bank to
the agent or agents.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.306 36.307 36.308 36.309 36.310 36.311 36.312 36.313 36.314 37.001 37.002 37.003 37.004 37.005 37.006
Last modified: August 10, 2007
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