Texas Finance Code - Section 66.252. Closing Of Association By Commissioner's Order
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Texas Lawyer > Finance Code > Texas Finance Code - Section 66.252. Closing Of Association By Commissioner's Order
§ 66.252. CLOSING OF ASSOCIATION BY COMMISSIONER'S
ORDER. The commissioner or the commissioner's representative may
close an association if the commissioner determines after an
examination that:
(1) the interests of the depositors and creditors of
the association are jeopardized because of:
(A) the association's insolvency or imminent
insolvency; or
(B) a substantial dissipation of the
association's assets or earnings because of a violation of a law or
an unsafe or unsound practice; and
(2) it is in the best interest of the depositors and
creditors to close the association and liquidate the association's
assets.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 66.155 66.156 66.157 66.201 66.202 66.203 66.251 66.252 66.253 66.254 66.255 66.301 66.302 66.303 66.304
Last modified: August 10, 2007
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