Sec. 96.252. CLOSING OF SAVINGS BANK BY COMMISSIONER'S ORDER. The commissioner or the commissioner's representative may close a savings bank if the commissioner determines after an examination that:
(1) the interests of the deposit account holders and creditors of the savings bank are jeopardized because of:
(A) the savings bank's insolvency or imminent insolvency; or
(B) a substantial dissipation of the savings bank's assets or earnings because of a violation of a law or an unsafe or unsound practice; and
(2) it is in the best interests of the deposit account holders and creditors to close the savings bank and liquidate the savings bank's assets.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
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