The banking commissioner may close the state trust company for involuntary dissolution and liquidation under this chapter if the banking commissioner determines that:

1. (1) the voluntary liquidation is:

   1. (A) being conducted in an improper or illegal manner; or
   2. (B) not in the best interests of the state trust company's clients and creditors; or
2. (2) the state trust company is insolvent or imminently insolvent.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.