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Tex. Fin. Code § 35.106

AUTHORITY OF SUPERVISOR

Known as the Texas Banking Act

The act spans §§ 31–59 (247 sections).

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff

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 dividend to the bank's shareholders;

(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; or

(6) engage in any other activity determined by the banking commissioner to threaten the safety and soundness of the bank.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.