Section 66.252 - Closing of Association By Commissioner's Order The commissioner or the commissioner's representative may close an association if the commissioner determines after an examination that:
(1) the interests of the depositors and creditors of the association are jeopardized because of: (A) the association's insolvency or imminent insolvency; or(B) a substantial dissipation of the association's assets or earnings because of a violation of a law or an unsafe or unsound practice; and(2) it is in the best interest of the depositors and creditors to close the association and liquidate the association's assets. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.