Texas Finance Code - Section 66.301. Liquidation Of Association
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Texas Lawyer > Finance Code > Texas Finance Code - Section 66.301. Liquidation Of Association
§ 66.301. LIQUIDATION OF ASSOCIATION. (a) If the
commissioner doubts that an association subject to a
conservatorship order can be rehabilitated, the commissioner may
set a hearing to determine whether the association should be
liquidated. Not later than the 10th day before the hearing date,
notice of the hearing shall be given by certified mail to the
officers and directors of the association and by publication in a
newspaper of general circulation in the county in which the
principal office of the association is located.
(b) If the commissioner finds that the association cannot be
rehabilitated and it is in the public interest and the best interest
of the savings account holders and creditors of the association
that the bank be closed and its assets liquidated, the commissioner
by liquidation order may appoint a liquidating agent and dissolve
the association.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 66.308
Last modified: August 10, 2007
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