Sec. 35.102. ORDER OF CONSERVATORSHIP. (a) The banking commissioner by order may appoint a conservator for a state bank if the banking commissioner determines from examination or other credible evidence that the bank is in hazardous condition and immediate and irreparable harm is threatened to the bank, its depositors, creditors, or shareholders, or the public.
(b) The banking commissioner may issue the order without prior notice at any time before, during, or after the period of supervision.
(c) An order of conservatorship issued under this section must specifically state the basis for the order.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 46, eff. September 1, 2007.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 35 - Enforcement Actions
Subchapter B. Supervision and Conservatorship
Section 35.1001. Applicability to Bank Subsidiaries
Section 35.101. Order of Supervision
Section 35.102. Order of Conservatorship
Section 35.103. Notice and Hearing
Section 35.104. Post-Hearing Order
Section 35.105. Confidentiality of Records
Section 35.106. Authority of Supervisor
Section 35.107. Authority of Conservator
Section 35.108. Qualifications of Appointee
Section 35.110. Review of Supervisor or Conservator Decision