Tex. Finance Code § 186.201
This is the official text of Tex. Finance Code § 186.201, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 186.201. ACTION TO CLOSE STATE TRUST COMPANY.
Official statutory text
(a) The banking commissioner may by written order close and liquidate a state trust company on finding that:
(1) the interests of its clients and creditors are jeopardized by the state trust company's insolvency or imminent insolvency; and
(2) the best interests of clients and creditors would be served by requiring that the state trust company be closed and its assets liquidated.
(b) A majority of the state trust company's directors, managers, or managing participants may voluntarily close the state trust company and place it with the banking commissioner for liquidation.
(1) the interests of its clients and creditors are jeopardized by the state trust company's insolvency or imminent insolvency; and
(2) the best interests of clients and creditors would be served by requiring that the state trust company be closed and its assets liquidated.
(b) A majority of the state trust company's directors, managers, or managing participants may voluntarily close the state trust company and place it with the banking commissioner for liquidation.
Status: in_force · Read it on the official government site
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