Texas Finance Code - Section 37.005. Limitations On Withdrawals From State Bank
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§ 37.005. LIMITATIONS ON WITHDRAWALS FROM STATE
BANK. (a) At the request of a state bank that is experiencing or
threatened with unusual and excessive withdrawals because of
financial conditions, panic, or crisis, the banking commissioner,
to prevent unnecessary loss to or preference among the depositors
and creditors of the bank and to preserve the financial structure of
the bank and its usefulness to the community, may issue an order
limiting the right of withdrawal by or payment to depositors,
creditors, and other persons to whom the bank is liable.
(b) The order:
(1) must expire not later than the 10th day after the
date it is issued;
(2) must be uniform in application to each class of
liability; and
(3) is not subject to judicial review.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.312 36.313 36.314 37.001 37.002 37.003 37.004 37.005 37.006 59.001 59.002 59.003 59.004 59.005 59.006
Last modified: August 10, 2007
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