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 cash dividend to the bank's shareholders; or
(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.
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.
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