Texas Finance Code - Section 66.103. Intervention For Activity Resulting In Actual Or Potential Loss
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Texas Lawyer > Finance Code > Texas Finance Code - Section 66.103. Intervention For Activity Resulting In Actual Or Potential Loss
§ 66.103. INTERVENTION FOR ACTIVITY RESULTING IN ACTUAL
OR POTENTIAL LOSS. (a) The commissioner may intervene in the
affairs of an association if a person who participates in the
affairs of the association or a subsidiary or savings and loan
holding company of the association commits or is about to commit:
(1) a fraudulent or criminal act in conducting the
affairs that may cause the association or a subsidiary of the
association to become or be in danger of becoming insolvent;
(2) an act that threatens immediate or irreparable
harm to the public or the association, a subsidiary of the
association, or the account holders or creditors of the
association; or
(3) a breach of fiduciary duty that results in actual
or probable substantial financial losses or other damages to the
association or a subsidiary of the association or that would
seriously prejudice the interest of savings account holders or
holders of other security issued by the association.
(b) The commissioner may intervene in the affairs of an
association if the association:
(1) is insolvent;
(2) is in imminent danger of insolvency; or
(3) makes or is about to make:
(A) a loan the value of the security for which is
materially overstated; or
(B) an investment the market value of which is
materially overstated.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 66.002 66.051 66.052 66.053 66.054 66.101 66.102 66.103 66.104 66.105 66.106 66.107 66.108 66.109 66.110
Last modified: August 10, 2007
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