Texas Finance Code - Section 15.203. Qualifications Of Industry Commission Members
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§ 15.203. QUALIFICATIONS OF INDUSTRY COMMISSION
MEMBERS. (a) Four commission members must be individuals who:
(1) have five years or more of active experience as a
director, officer, or committee member of a credit union that:
(A) is organized and doing business in this state
under Subtitle D, Title 3, or the Federal Credit Union Act (12
U.S.C. Section 1751 et seq.); and
(B) has its principal office in this state; and
(2) are engaged in exercising the powers and duties of
a director, officer, or committee member of such a credit union.
(b) Experience as a commissioner, deputy commissioner, or
examiner is equivalent to the experience required by Subsection
(a).
(c) Not more than one individual from a federal credit union
may serve on the commission at any time.
(d) An individual who ceases to be engaged in exercising the
powers and duties prescribed by this section for a period exceeding
90 days becomes ineligible to serve as a commission member, and the
individual's position on the commission becomes vacant.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.05(c), eff. Sept. 1, 1999.
Section: 15.001 15.101 15.102 15.103 15.104 15.201 15.202 15.203 15.204 15.2041 15.205 15.206 15.207 15.208 15.209
Last modified: August 10, 2007
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