Texas Finance Code - Section 126.457. Appointment Of Liquidating Agent
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Texas Laws > Finance Code > Texas Finance Code - Section 126.457. Appointment Of Liquidating Agent
§ 126.457. APPOINTMENT OF LIQUIDATING AGENT. (a) If the
members approve the liquidation, the board shall appoint a
liquidating agent to:
(1) conserve and collect the credit union's assets;
(2) wind up the credit union's affairs;
(3) discharge the credit union's debts;
(4) distribute the credit union's assets; and
(5) take any other action necessary and incidental to
liquidating the credit union.
(b) The National Credit Union Administration or other
insuring organization has the right of first refusal to be
appointed as liquidating agent of any credit union that it insures.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2003, 78th Leg., ch. 533, § 54, eff. Sept. 1, 2003.
Section: 126.403 126.451 126.452 126.453 126.454 126.455 126.456 126.457 126.458 149.001 149.002 151.001 151.002 151.003 151.101
Last modified: August 11, 2007
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