Texas Finance Code - Section 66.105. Temporary Supervisory Order
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Texas Lawyer > Finance Code > Texas Finance Code - Section 66.105. Temporary Supervisory Order
§ 66.105. TEMPORARY SUPERVISORY ORDER. (a) If the
commissioner has reasonable cause to believe that one or more of the
grounds for intervention under Section 66.101 exists or is
imminent, the commissioner may issue without notice and hearing one
or more of the following types of temporary supervisory orders to
correct and eliminate the grounds for supervisory action:
(1) an order to cease and desist from continuing a
particular action, an order to take affirmative action, or both;
(2) an order suspending or prohibiting a person who
participates in the affairs of the association from further
participating in the affairs of the association or of another
association;
(3) an order requiring divestiture of control of an
association obtained under Subchapter L, Chapter 62; or
(4) an order placing the affairs of the association
under the control of a conservator designated in the order, who may
take possession and control of the books, records, property,
assets, liabilities, and business of the association and manage the
association under the direction of the commissioner.
(b) An order under this section:
(1) must contain a reasonably detailed statement of
the facts on which the order is based; and
(2) takes effect when issued.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 66.111 66.151
Last modified: August 10, 2007
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