Texas § FI.96.105 - TEMPORARY SUPERVISORY ORDER

§ FI.96.105. TEMPORARY SUPERVISORY ORDER

TEMPORARY SUPERVISORY ORDER. (a) If the commissioner has reasonable cause to believe that one or more grounds for intervention under Sections 96.101-96.104 exist or are imminent, the commissioner may issue without notice and hearing one or more of the following types of temporary supervisory orders to correct and eliminate the grounds for supervisory action: (1) an order to cease and desist from continuing a particular action, an order to take affirmative action, or both; (2) an order suspending or prohibiting a person who participates in the affairs of the savings bank from further participating in the affairs of the savings bank or another savings bank; (3) an order requiring divestiture of control of a savings bank obtained under Subchapter L , Chapter 92 ; (4) an order requiring a person who participates in the affairs of the savings bank or another savings bank to forfeit and pay an administrative penalty in an amount of not more than $25,000; or (5) an order placing the affairs of the savings bank under the control of a conservator designated in the order, who may take possession and control of the books, records, assets, liabilities, and business of the savings bank and manage the savings bank under the direction of the commissioner. (b) An order under this section: (1) must contain a reasonably detailed statement of the facts on which the order is based; and (2) takes effect when issued. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.