PLACEMENT OF ASSOCIATION UNDER VOLUNTARY SUPERVISORY CONTROL
Known as the Texas Savings and Loan Act
The act spans §§ 61–89 (217 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
(a) An association's board may consent to the commissioner's placement of the association under supervisory control.
(b) The commissioner may appoint the supervisor and one or more deputy supervisors.
(c) Supervisory control continues until the conditions for which the supervisory control was imposed are corrected.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.