(a) (1) A state trust company may place its assets and business under the control of the Bank Commissioner for liquidation by a resolution of a majority of its directors or members upon notice to the commissioner.(2) Upon taking possession of the state trust company, the commissioner, or the commissioner's appointed agent, shall retain possession of the state trust company until the state trust company is authorized by the commissioner to resume business or until the affairs of the state trust company have been fully liquidated under this chapter.(3) A state trust company shall not make any general assignment for the benefit of its creditors except by surrendering possession of its assets to the commissioner, as provided under this chapter.
(1) A state trust company may place its assets and business under the control of the Bank Commissioner for liquidation by a resolution of a majority of its directors or members upon notice to the commissioner.
(2) Upon taking possession of the state trust company, the commissioner, or the commissioner's appointed agent, shall retain possession of the state trust company until the state trust company is authorized by the commissioner to resume business or until the affairs of the state trust company have been fully liquidated under this chapter.
(3) A state trust company shall not make any general assignment for the benefit of its creditors except by surrendering possession of its assets to the commissioner, as provided under this chapter.
(b) If for any reason a state trust company suspends operations for any length of time, the state trust company immediately upon the suspension of operations shall be deemed in the possession of the commissioner and subject to liquidation under this chapter.