Sec. 35.106. AUTHORITY OF SUPERVISOR. During a period of supervision, a bank, without the prior approval of the banking commissioner or the supervisor or as otherwise permitted or restricted by the order of supervision, may not:
(1) dispose of, sell, transfer, convey, or encumber the bank's assets;
(2) lend or invest the bank's money;
(3) incur a debt, obligation, or liability;
(4) pay a cash dividend to the bank's shareholders; or
(5) remove an executive officer or director, change the number of executive officers or directors, or have any other change in the position of executive officer or director.
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. 47, eff. September 1, 2007.
Acts 2013, 83rd Leg., R.S., Ch. 940 (H.B. 1664), Sec. 10, eff. June 14, 2013.
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