Sec. 185.101. ORDER OF SUPERVISION. (a) The banking commissioner by order may appoint a supervisor over a state trust company if the banking commissioner determines from examination or other credible evidence that the state trust company is in hazardous condition and that an order of supervision appears to be necessary and in the best interest of the state trust company and its clients, creditors, and shareholders or participants, or the public.
(b) The banking commissioner may issue the order without prior notice.
(c) The supervisor serves until the earlier of:
(1) the expiration of the period stated in the order of supervision; or
(2) the date the banking commissioner determines that the requirements for abatement of the order have been satisfied.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
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