(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) forfeits its charter if it is a state bank; or
(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.
(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) shall immediately withdraw the public money from the bank; and
(2) may not redeposit public money in the bank without the banking commissioner’s prior written approval.

Terms Used In Texas Finance Code 37.006

  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
  • Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
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