Texas Finance Code - Section 37.006. Financial Moratorium
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§ 37.006. FINANCIAL MORATORIUM. (a) The banking
commissioner, with the approval of a majority of the finance
commission and the governor, may proclaim a financial moratorium
for, and invoke a uniform limitation on, withdrawal of deposits of
every character from all banks within this state. A bank refusing
to comply with a written proclamation of the banking commissioner
under this section, signed by a majority of the members of the
finance commission and the governor:
(1) forfeits its charter if it is a state bank; or
(2) may not act as reserve agent for a state bank or as
depository of state, county, municipal, or other public money if it
is a national bank.
(b) On order of the banking commissioner after refusal of a
national bank to comply with the proclamation, a depositor of
public money with the bank:
(1) shall immediately withdraw the public money from
the bank; and
(2) may not redeposit public money in the bank without
the banking commissioner's prior written approval.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 59.007
Last modified: August 10, 2007
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