Sec. 66.108. PLAN OF OPERATION OF ASSOCIATION AFTER ORDER OF TEMPORARY CONSERVATORSHIP. (a) Before or during a hearing under Section 66.107 on a temporary supervisory order placing an association under the control of a conservator, the board of the association may present to the commissioner a plan to continue the operation of the association in a manner that will correct or eliminate the grounds on which the order is based.
(b) If the commissioner approves the plan or a modification of the plan, the commissioner shall vacate the order placing the association under conservatorship, conditioned on the implementation and diligent prosecution of the plan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle B - Savings and Loan Associations
Chapter 66 - Enforcement and Regulation
Subchapter C. Supervisory Intervention
Section 66.101. Intervention for Violations and Unsafe and Unsound Practices
Section 66.102. Intervention for Filing Inappropriate Information
Section 66.103. Intervention for Activity Resulting in Actual or Potential Loss
Section 66.104. Intervention Relating to Examination of Affairs
Section 66.105. Temporary Supervisory Order
Section 66.106. Service of Temporary Supervisory Order
Section 66.107. Hearing on Temporary Supervisory Order; Final Order
Section 66.108. Plan of Operation of Association After Order of Temporary Conservatorship
Section 66.109. Enforcement of Supervisory Order
Section 66.110. Stay of Supervisory Order
Section 66.111. Disclosure of Information in Supervisory Order; Confidentiality