Finance Code § 35.106

Sec. 35.106. AUTHORITY OF SUPERVISOR. 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 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. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 47, eff. September 1, 2007. Acts 2013, 83rd Leg., R.S., Ch. 940 (H.B. 1664), Sec. 10, eff. June 14, 2013. Acts 2023, 88th Leg., R.S., Ch. 989 (H.B. 3574), Sec. 7, eff. June 18, 2023. Acts 2025, 89th Leg., R.S., Ch. 638 (H.B. 3804), Sec. 3, eff. June 20, 2025.