Texas § 66.252 CLOSING OF ASSOCIATION BY COMMISSIONER'S ORDER.

Texas Statutes

§ 66.252 — CLOSING OF ASSOCIATION BY COMMISSIONER'S ORDER.

Texas § 66.252

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 66.252 (2026).

Text

Sec. 66.252. CLOSING OF ASSOCIATION BY COMMISSIONER'S ORDER. The commissioner or the commissioner's representative may close an association if the commissioner determines after an examination that:

(1)the interests of the depositors and creditors of the association are jeopardized because of:

(A)the association's insolvency or imminent insolvency; or

(B)a substantial dissipation of the association's assets or earnings because of a violation of a law or an unsafe or unsound practice; and

(2)it is in the best interest of the depositors and creditors to close the association and liquidate the association's assets.

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Sec. 66.252. CLOSING OF ASSOCIATION BY COMMISSIONER'S ORDER. The commissioner or the commissioner's representative may close an association if the commissioner determines after an examination that:
(1) the interests of the depositors and creditors of the association are jeopardized because of:
(A) the association's insolvency or imminent insolvency; or
(B) a substantial dissipation of the association's assets or earnings because of a violation of a law or an unsafe or unsound practice; and
(2) it is in the best interest of the depositors and creditors to close the association and liquidate the association's assets.