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

   1. (A) the association's insolvency or imminent insolvency; or
   2. (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. (2) it is in the best interest of the depositors and creditors to close the association and liquidate the association's assets.

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