Tex. Fin. Code Section 37.006
Financial Moratorium

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

Source: Section 37.006 — Financial Moratorium, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­37.­htm#37.­006 (accessed Jun. 5, 2024).

Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 37.006’s source at texas​.gov