Tex. Fin. Code § 186.111

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 186.111 - Closure By Banking Commissioner for Involuntary Dissolution and Liquidation

The banking commissioner may close the state trust company for involuntary dissolution and liquidation under this chapter if the banking commissioner determines that:

(1) the voluntary liquidation is:

(A) being conducted in an improper or illegal manner; or

(B) not in the best interests of the state trust company's clients and creditors; or

(2) the state trust company is insolvent or imminently insolvent.

Tex. Fin. Code § 186.111

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. 9/1/1999.