Texas Finance Code - Section 96.103. Intervention For Activity Resulting In Actual Or Potential Financial Loss
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Texas Lawyer > Finance Code > Texas Finance Code - Section 96.103. Intervention For Activity Resulting In Actual Or Potential Financial Loss
§ 96.103. INTERVENTION FOR ACTIVITY RESULTING IN ACTUAL
OR POTENTIAL FINANCIAL LOSS. (a) The commissioner may intervene in
the affairs of a savings bank if a person who participates in the
affairs of the savings bank or a subsidiary or holding company of
the savings bank commits or is about to commit:
(1) a fraudulent or criminal act in conducting the
affairs that may cause the savings bank or a subsidiary of the
savings bank to become or be in danger of becoming insolvent;
(2) an act that threatens immediate or irreparable
harm to the public or the savings bank, a subsidiary of the savings
bank, or the deposit account holders or creditors of the savings
bank; or
(3) a breach of fiduciary duty that results in actual
or probable substantial financial losses or other damages to the
savings bank or a subsidiary of the savings bank or that would
seriously prejudice the interest of the deposit account holders or
holders of other security issued by the savings bank.
(b) The commissioner may intervene in the affairs of a
savings bank if the savings bank:
(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: 96.053 96.054 96.055 96.056 96.057 96.101 96.102 96.103 96.104 96.105 96.106 96.107 96.108 96.109 96.110
Last modified: August 10, 2007
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