(a) The banking commissioner may close and liquidate a state bank on finding that:
(1) the interests of the bank's depositors and creditors are jeopardized by the bank's insolvency or imminent insolvency; and
(2) the best interests of depositors and creditors would be served by requiring that the bank be closed and its assets liquidated.
(b) A majority of the bank's directors may voluntarily close the bank and place it with the banking commissioner for liquidation.
Official text of the Texas Finance Code as published by the Texas Legislative Council.