Sec. 186.201. ACTION TO CLOSE STATE TRUST COMPANY. (a) The banking commissioner may by written order close and liquidate a state trust company on finding that:
(1) the interests of its clients and creditors are jeopardized by the state trust company's insolvency or imminent insolvency; and
(2) the best interests of clients and creditors would be served by requiring that the state trust company be closed and its assets liquidated.
(b) A majority of the state trust company's directors, managers, or managing participants may voluntarily close the state trust company and place it with the banking commissioner for liquidation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 412, Sec. 3.12, eff. Sept. 1, 2001.
Section: Previous 186.106 186.107 186.108 186.109 186.110 186.111 186.112 186.201 186.202 186.203 186.204 186.205 186.206 186.207 186.208 NextLast modified: September 28, 2016