1. (a) The banking commissioner, with the approval of a majority of the finance commission and the governor, may proclaim a financial moratorium for, and invoke a uniform limitation on, withdrawal of deposits of every character from all banks within this state. A bank refusing to comply with a written proclamation of the banking commissioner under this section, signed by a majority of the members of the finance commission and the governor:

   1. (1) forfeits its charter if it is a state bank; or
   2. (2) may not act as reserve agent for a state bank or as depository of state, county, municipal, or other public money if it is a national bank.

2. (b) On order of the banking commissioner after refusal of a national bank to comply with the proclamation, a depositor of public money with the bank:

   1. (1) shall immediately withdraw the public money from the bank; and
   2. (2) may not redeposit public money in the bank without the banking commissioner's prior written approval.

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