Tex. Fin. Code § 186.201 · Subchapter C. INVOLUNTARY DISSOLUTION AND LIQUIDATION
ACTION TO CLOSE STATE TRUST COMPANY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 412, Sec. 3.12, eff. Sept. 1, 2001.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.186.htm
- Text hash
- sha256 2dabf426c4762a6c38ea4c78f1111a75f446686878f7c3856140f6976ba60f57
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 2 provisions
Provisions in this library whose text cites Tex. Fin. Code § 186.201. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.