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Texas Finance Code - FIN § 37.006. Financial Moratorium

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

(a) The banking commissioner, with the approval of a majority of the finance commission and the governor, may proclaim a financial moratorium for, and invoke a uniform limitation on, withdrawal of deposits of every character from all banks within this state. A bank refusing to comply with a written proclamation of the banking commissioner under this section, signed by a majority of the members of the finance commission and the governor:

(1) forfeits its charter if it is a state bank; or

(2) may not act as reserve agent for a state bank or as depository of state, county, municipal, or other public money if it is a national bank.

(b) On order of the banking commissioner after refusal of a national bank to comply with the proclamation, a depositor of public money with the bank:

(1) shall immediately withdraw the public money from the bank; and

(2) may not redeposit public money in the bank without the banking commissioner's prior written approval.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 37.006. Financial Moratorium - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-37-006/

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