Texas Finance Code
§ 66.254 — EFFECT OF CLOSING
FI § 66.254Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 66. ENFORCEMENT AND REGULATION · Art. F. CLOSING
Statute text
View on source(a)On closing an association under this subchapter, the commissioner may:
(1)liquidate the association as provided by Subchapter E; or
(2)tender the association's assets and all the association's affairs to the Federal Deposit Insurance Corporation and appoint the Federal Deposit Insurance Corporation as receiver or liquidating agent to act in accordance with this chapter or federal law.
(b)The Federal Deposit Insurance Corporation on accepting the tender and appointment prescribed by Subsection (a)(2) may:
(1)act without bond or other security as to the appointment; and
(2)without court supervision, exercise any right, power, or privilege provided by the laws of this state to a receiver or liquidating agent, as applicable, and any applicable right, power, or privilege available under federal law.
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.