Texas Finance Code

§ 96.253 — EFFECT OF CLOSING

FI § 96.253Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 96. SUPERVISION AND REGULATION · Art. F. CLOSING

Statute text

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(a)On closing a savings bank under this subchapter, the commissioner may:

(1)liquidate the savings bank as provided by Subchapter G; or

(2)tender the savings bank's assets and all the savings bank'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.