Texas Finance Code

§ 96.156 — LIMITING ORDER DURING CONSERVATORSHIP

FI § 96.156Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 96. SUPERVISION AND REGULATION · Art. D. CONSERVATORSHIP

Statute text

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(a)During a conservatorship, the commissioner by order may impose limitations on withdrawals from deposit accounts if the commissioner determines that the interests of deposit account holders and creditors of the savings bank are best protected by the limitations.

(b)An order under this section:

(1)must detail the limitations imposed;

(2)must contain a reasonably detailed statement of the facts on which the order is based; and

(3)becomes effective when served on the conservator.

Legislative history

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