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Texas Finance Code - FIN § 36.201. Action to Close State Bank

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The banking commissioner may close and liquidate a state bank on finding that:

(1) the interests of the bank's depositors and creditors are jeopardized by the bank's insolvency or imminent insolvency;  and

(2) the best interests of depositors and creditors would be served by requiring that the bank be closed and its assets liquidated.

(b) A majority of the bank's directors may voluntarily close the bank and place it with the banking commissioner for liquidation.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 36.201. Action to Close State Bank - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-36-201/

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