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Tex. Fin. Code § 96.156

LIMITING ORDER DURING CONSERVATORSHIP

Known as the Texas Savings Bank Act

The act spans §§ 91–119 (255 sections).

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

(a) During a conservatorship, the commissioner by order may impose limitations on withdrawals from deposit accounts if the commissioner determines that the interests of deposit account holders and creditors of the savings bank are best protected by the limitations.

(b) An order under this section:

(1) must detail the limitations imposed;

(2) must contain a reasonably detailed statement of the facts on which the order is based; and

(3) becomes effective when served on the conservator.

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