Texas Finance Code

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

FI § 36.111Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 36. DISSOLUTION AND RECEIVERSHIP · Art. B. VOLUNTARY DISSOLUTION

Statute text

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The banking commissioner may close a state bank 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 bank's depositors and creditors; or

(2)the bank is insolvent or imminently insolvent.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.