Texas Finance Code 36.201 – Action to Close State Bank
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(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.
Terms Used In Texas Finance Code 36.201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.