Texas Finance Code

§ 185.102 — ORDER OF CONSERVATORSHIP

FI § 185.102Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 185. ENFORCEMENT ACTIONS · Art. B. SUPERVISION AND CONSERVATORSHIP

Statute text

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(a)The banking commissioner by order may appoint a conservator for 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 immediate and irreparable harm is threatened to the state trust company, its clients, creditors, or shareholders or participants, or the public.

(b)The banking commissioner may issue the order without prior notice at any time before, during, or after the period of supervision.

(c)An order of conservatorship issued under this section must specifically state the basis for the order.

Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.