Texas Finance Code 35.106 – Authority of Supervisor
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 35.106
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
During a period of supervision, a bank, without the prior approval of the banking commissioner or the supervisor or as otherwise permitted or restricted by the order of supervision, may not:
(1) dispose of, sell, transfer, convey, or encumber the bank’s assets;
(2) lend or invest the bank’s money;
(3) incur a debt, obligation, or liability;
(4) pay a cash dividend to the bank’s shareholders;
(5) remove an executive officer or director, change the number of executive officers or directors, or have any other change in the position of executive officer or director; or
(6) engage in any other activity determined by the banking commissioner to threaten the safety and soundness of the bank.