Texas Finance Code - Section 66.255. Hearing On Commissioner's Order
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§ 66.255. HEARING ON COMMISSIONER'S ORDER. (a) Not later
than the second day, excluding legal holidays, after the date on
which the commissioner closes an association under Section 66.252,
the association, by resolution of its board, may sue in a district
court of Travis County to enjoin the commissioner from taking
further action under this subchapter.
(b) The court, without notice or hearing, may restrain the
commissioner from taking further action until after a hearing on
the suit is held. If the court restrains the commissioner, the
court shall instruct the commissioner to hold the assets and
affairs of the association in the commissioner's possession until
disposition of the suit. On receipt of this instruction, the
commissioner shall refrain from taking further action, other than a
necessary or proper action approved by the court to prevent loss or
depreciation in the value of the assets.
(c) The court as soon as possible shall hear the suit and
shall enter a judgment enjoining or refusing to enjoin the
commissioner from proceeding under this subchapter.
(d) The commissioner, regardless of the judgment entered by
the court or any supersedeas bond filed, shall retain possession of
the association's assets until final disposition of any appeal of
the judgment.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 66.201 66.202 66.203 66.251 66.252 66.253 66.254 66.255 66.301 66.302 66.303 66.304 66.305 66.306 66.307
Last modified: August 10, 2007
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