Closure By Banking Commissioner For Involuntary Dissolution and Liquidation

Sec. 36.111. CLOSURE BY BANKING COMMISSIONER FOR INVOLUNTARY DISSOLUTION AND LIQUIDATION. The banking commissioner may close a state bank 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 bank's depositors and creditors; or (2) the bank is insolvent or imminently insolvent. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.