Sec. 186.111. CLOSURE BY BANKING COMMISSIONER FOR INVOLUNTARY DISSOLUTION AND LIQUIDATION. The banking commissioner may close the state trust company 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 state trust company's clients and creditors; or
(2) the state trust company is insolvent or imminently insolvent.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 186 - Dissolution and Receivership
Subchapter B. Voluntary Dissolution
Section 186.101. Initiating Voluntary Dissolution
Section 186.102. Filing Resolutions With Banking Commissioner
Section 186.103. Banking Commissioner Investigation and Consent
Section 186.104. Notice of Pending Dissolution
Section 186.105. Safe Deposits and Other Bailments
Section 186.106. Offices to Remain Open
Section 186.107. Fiduciary Activities
Section 186.108. Final Liquidation
Section 186.109. Application of Law to State Trust Company in Dissolution
Section 186.110. Authorization of Deviation From Procedures
Section 186.111. Closure by Banking Commissioner for Involuntary Dissolution and Liquidation