|
|
|
State Law
Federal Law
|
Texas Finance Code - Chapter 122 Organizational And Financial RequirementsLegal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Chapter 122 Organizational And Financial Requirements (a) Seven or more individuals may apply to incorporate a credit union under this chapter if: (1) each is at least 18 years old; (2) ... (a) To simplify the process of organizing new credit unions, the commission shall prepare standard articles of incorporation and bylaws. (b) The standard forms shall ... (a) The name of a credit union must include the words "credit union" or the abbreviation "CU" and an appropriate descriptive word or words, or ... The commissioner may conduct an investigation and obtain any information or report from any person, including a law enforcement agency, that the commissioner considers necessary. ... (a) This section applies to a request for approval by the commissioner of: (1) an application for incorporation under this subchapter; (2) a request for ... (a) The commissioner shall approve an application to incorporate a credit union if the commissioner determines: (1) that the incorporators have complied with this chapter ... (a) The commission by rule shall provide for appeal of the commissioner's order by an incorporator or other aggrieved person. (b) The commissioner's order may ... (a) A credit union's existence begins when the commissioner issues the certificate of incorporation. (b) The certificate of incorporation is conclusive evidence that the incorporators ... (a) A credit union may not transact business or incur debt that is not incidental to its organization or to obtaining a subscription to or ... (a) A credit union shall begin business before six months after the date of the order approving the credit union's application. (b) On request and ... (a) The board may amend the articles of incorporation or bylaws by a two-thirds vote of the directors present at a meeting at which a ... (a) A credit union shall maintain on file with the department a statement specifying the street and post office address of the credit union's principal ... (a) A foreign credit union may do business in this state if it is organized in a state or country that allows a credit union ... (a) In this section, "secondary capital account" means a nontransactional account in an amount greater than $100,000 as established by the commission that is: (1) ... (a) A person may be a member of a credit union only if the person is an incorporator or other person who: (1) shares a ... (a) Members of a credit union shall hold an annual or special meeting at the time and place and in the manner provided by the ... (a) A board of at least five members shall direct the business and affairs of a credit union. (b) The membership of the credit union ... (a) The commission by rule shall establish qualifications for a director. The rules must provide that a person may not serve as director if the ... (a) The office of a director becomes vacant if the director dies, resigns, is removed, has been absent from more meetings than the total number ... (a) The board may appoint not more than three individuals to serve at the board's pleasure as honorary or advisory directors to advise and consult ... (a) At the annual organizational meeting, the board shall elect from its membership a chairman, vice chairman, treasurer, and secretary. The offices of treasurer and ... (a) The board may employ, elect, or appoint a president, who is the chief executive officer in charge of operations. (b) The president may be ... (a) Without written approval of the commissioner, a credit union may not: (1) contract with an individual who is not an officer, director, or employee ... (a) The board chairman and the secretary: (1) shall execute a certificate of election that states the name and address of each officer, director, and ... (a) While serving as a director, honorary director, advisory director, committee member, officer, or employee of a credit union, a person may not: (1) participate, ... A person may not receive compensation for serving as a director, honorary director, advisory director, or committee member of a credit union, except that the ... The board shall purchase from a surety company authorized to do business in this state a blanket surety or security bond covering each director, honorary ... A credit union may elect to indemnify a director, officer, employee, or agent of the credit union or another person and to purchase insurance: (1) ... (a) A credit union shall submit to the department on a quarterly basis a call report, on a form supplied by the department, that states ... (a) A credit union shall use the financial reporting forms and observe the accounting principles prescribed by the commission. (b) The board shall: (1) make ... A credit union's equity capital consists of: (1) retained earnings; (2) appropriated retained earnings, including net worth and other reserves; (3) undivided earnings; and (4) ... (a) The commission by rule shall require a credit union to contribute to and maintain net worth reserves necessary to protect the interests of its ... A credit union may order a reduction in the membership shares of each of its shareholders if: (1) the credit union's losses resulting from a ... (a) Except as provided by Subsection (b), a credit union is exempt from a franchise or other license tax. (b) A credit union is not ... (a) A credit union may merge or consolidate with another credit union, under the other credit union's existing articles of incorporation or otherwise, if: (1) ... (a) After agreement by the directors and approval by the members, if applicable, of each credit union or federal credit union, the chairman and secretary ... (a) Subject to Subsection (b), on approving the merger or consolidation, the commissioner shall return the certificates and plan to the merging or consolidating credit ... In determining whether to approve or disapprove the merger or consolidation, the commissioner shall consider the availability and adequacy of financial services in the local ... After a merger or consolidation is effected: (1) the property of the merged or consolidated credit union vests in the surviving credit union without an ... This subchapter shall be construed, when possible, to permit a credit union authorized to do business in this state under other law to merge or ... The rules adopted under this subchapter must specify in detail the procedures that: (1) a credit union must follow to obtain commissioner approval of a ... A credit union organized under the laws of this state may convert to a credit union under the laws of the United States: (1) on ... A credit union organized under the laws of this state may convert to a credit union under the laws of another state: (1) on an ... A credit union organized under the laws of the United States or of another state may convert to a credit union organized under the laws ... (a) A person commits an offense if the person knowingly: (1) makes, circulates, or transmits to another person a false statement that is derogatory to ... (a) A person commits an offense if the person: (1) is a director, honorary director, advisory director, committee member, officer, or employee of a credit ... (a) A person commits an offense if the person: (1) is a director, honorary director, advisory director, committee member, officer, or employee of a credit ... (a) A person commits an offense if the person, knowingly and with the intent to deceive: (1) makes a false entry on a record, report, ... The commissioner may determine that an officer, director, honorary director, advisory director, or employee of a credit union, or the credit union itself, acting by ... (a) If the commissioner determines from examination or other credible evidence that a credit union is in a condition that may warrant the issuance of ... (a) If the commissioner makes a finding listed in Section 122.255 and determines that an order to cease and desist is necessary and in the ... (a) The commissioner by order may remove or prohibit a person who is a current or former officer, director, manager, or employee of a credit ... (a) If the credit union or a person removed from office or employment files a notice of appeal of a cease and desist order or ... (a) If a credit union or other person designated in a final order under this subchapter does not comply with the order, the commissioner, after ... (a) A determination letter, a cease and desist order, a removal order, each copy of a notice or correspondence, and all other documents or records ... Last modified: August 10, 2007 |