Texas Finance Code

§ 186.111 — CLOSURE BY BANKING COMMISSIONER FOR INVOLUNTARY DISSOLUTION AND LIQUIDATION

FI § 186.111Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 186. DISSOLUTION AND RECEIVERSHIP · Art. B. VOLUNTARY DISSOLUTION

Statute text

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The banking commissioner may close the state trust company for involuntary dissolution and liquidation under this chapter if the banking commissioner determines that:

(1)the voluntary liquidation is:

(A)being conducted in an improper or illegal manner; or

(B)not in the best interests of the state trust company's clients and creditors; or

(2)the state trust company is insolvent or imminently insolvent.

Legislative history

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