reglab/housing_qa huggingface dataset:
TX Fin Code § 122.059 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter B. Administration|Section 122.059. Delegation of Management and Loan Approval Authority

Sec. 122.059.  DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY.  (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 of the credit union or with an organization for the provision of the management of the credit union;  or(2)  delegate to an individual who is not an officer, director, or employee of the credit union or to an organization the authority to manage the credit union.(b)  The board may delegate all or part of its power to approve or disapprove a loan to a credit committee, one or more other committees, or one or more individuals.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 20, eff. Sept. 1, 2003.|
TX Fin Code § 122.060 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter B. Administration|Section 122.060. Certificate of Election

Sec. 122.060.  CERTIFICATE OF ELECTION.(a)  A credit union shall submit to the commissioner, in a form approved by the department, a certificate of election that provides the name and address of each officer, director, and committee member elected or appointed.  The certificate must be filed within the time prescribed by the commissioner.(b)  The commission by rule may authorize the commissioner to obtain other confidential reports relating to a newly elected or appointed officer, director, or committee member.(c)  The commissioner may accept a form prescribed by an insuring organization that contains substantially similar information as the certificate of election in lieu of the certificate.  The acceptance of such a form does not limit the commissioner's power to require additional information concerning a newly elected or appointed officer, director, or committee member.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 21, eff. Sept. 1, 2003.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 10, eff. September 1, 2013.|
TX Fin Code § 122.061 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter B. Administration|Section 122.061. Conflicts of Interest

Sec. 122.061.  CONFLICTS OF INTEREST.  (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, directly or indirectly, in the deliberation on or determination of a question affecting the person's pecuniary interest or the pecuniary interest of a member of the person's immediate family or of a partnership, association, or corporation, other than the credit union, in which the person is directly or indirectly interested; or(2)  become employed by, engage in, or own an interest in a business or professional activity that the person could reasonably expect to:(A)  require or induce the person to disclose confidential information acquired because of the person's office or employment in the credit union; or(B)  impair the person's independence or judgment in the performance of the person's duties or responsibilities to the credit union.(b)  An interest only as a member of the credit union that is shared in common with all other members is not a pecuniary interest within the meaning of Subsection (a)(1).(c)  In this section, "member of a person's immediate family" means a person's spouse or another person living in the person's household.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 11, eff. September 1, 2013.|
TX Fin Code § 122.062 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter B. Administration|Section 122.062. Compensation

Sec. 122.062.  COMPENSATION.  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 person may be:(1)  provided with reasonable health, life, accident, liability, or similar insurance protection;(2)  reimbursed for necessary expenses incurred in the performance of the person's duties;  and(3)  paid the fees and reimbursed for other expenditures authorized by commission rules.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.063 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter B. Administration|Section 122.063. Bond

Sec. 122.063.  BOND.  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 director, advisory director, officer, employee, member of an official committee, attorney, or other agent of the credit union as required by commission rule.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.064 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter B. Administration|Section 122.064. Indemnification

Sec. 122.064.  INDEMNIFICATION.  A credit union may elect to indemnify a director, officer, employee, or agent of the credit union and to purchase insurance as if the credit union were an "enterprise" as defined by Section 8.001, Business Organizations Code, under and subject to the credit union's bylaws and written policy.  A credit union may not provide any indemnification or insurance that would not be permissible under Chapter 8, Business Organizations Code, but may elect to impose the credit union's own limitations on indemnification.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 12, eff. September 1, 2013.|
TX Fin Code § 122.101 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter C. Operations and Finances|Section 122.101. Call Reports

Sec. 122.101.  CALL REPORTS.  (a)  A credit union shall prepare a quarterly call report, in a manner approved by the department, that states the credit union's financial condition.  The commissioner may require a credit union to file additional financial reports.(b)  The credit union must submit the call report on or before the due date prescribed by the department.  If a credit union does not submit a report by the due date, the commissioner shall charge a late fee in an amount set by the commission for each day the report remains unfiled.  The commissioner for good cause shown may waive all or part of the late fee.(c)  A credit union that does not file a report on or before the date it is due is subject to sanctions provided by this chapter and Chapter 126.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 157, Sec. 9, eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 533, Sec. 22, eff. Sept. 1, 2003.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 13, eff. September 1, 2013.|
TX Fin Code § 122.102 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter C. Operations and Finances|Section 122.102. Financial Reporting; Audits

Sec. 122.102.  FINANCIAL REPORTING;  AUDITS.  (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 comprehensive annual audit of the credit union's books and affairs, in accordance with established principles and commission rules;(2)  submit a summary of the audit report to the credit union's members at the next annual meeting;  and(3)  make a supplementary audit or examination as the board considers necessary or the commissioner requires.(c)  The commission by rule may require a verification of members' accounts with the credit union's records.(d)  If the commissioner, by examination or other credible evidence, finds that the board is not complying with this section or a rule adopted under this section, the commissioner may appoint an independent person from outside the credit union and its members to perform an audit.  The credit union shall pay the cost of the audit.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.103 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter C. Operations and Finances|Section 122.103. Equity Capital

Sec. 122.103.  EQUITY CAPITAL.  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)  other forms of capital in accordance with generally accepted accounting principles and approved by the commissioner.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 23, eff. Sept. 1, 2003.|
TX Fin Code § 122.104 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter C. Operations and Finances|Section 122.104. Net Worth Reserve Allocations

Sec. 122.104.  NET WORTH RESERVE ALLOCATIONS.  (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 members.  The rule may:(1)  prescribe the purposes for which the net worth reserves may be used;  and(2)  authorize the commissioner to approve other uses.(b)  The credit union's board may establish reserves in addition to the required net worth reserves.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 24, eff. Sept. 1, 2003.|
TX Fin Code § 122.105 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter C. Operations and Finances|Section 122.105. Membership Share Reduction

Sec. 122.105.  MEMBERSHIP SHARE REDUCTION.  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 depreciation in value of its loans or investments or otherwise exceed its undivided earnings and its reserves, and the estimated value of its assets is less than the total amount due the shareholders;(2)  a majority vote of the credit union's members present at a meeting of members called for that purpose approve the reduction;  and(3)  the reduction divides the loss proportionately among the shareholders.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 25, eff. Sept. 1, 2003.|
TX Fin Code § 122.106 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter C. Operations and Finances|Section 122.106. Exemption From Certain Taxes

Sec. 122.106.  EXEMPTION FROM CERTAIN TAXES.  (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 exempt from the franchise tax imposed by Chapter 171, Tax Code, unless the credit union is exempted by that chapter.(c)  The intangible property of a credit union organized under this chapter is not taxable.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.107 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter C. Operations and Finances|Section 122.107. Notice of Availability of Certain Documents

Sec. 122.107.  NOTICE OF AVAILABILITY OF CERTAIN DOCUMENTS.  (a)  A credit union regulated under this subtitle and Chapter 15 shall give notice to the credit union's members of the availability on request of a member of documents related to the credit union's finances and management, including:(1)  a summary of the most recent annual audit;(2)  the most recent statement of financial condition, such as nonconfidential pages of the quarterly call report provided under Section 122.101;(3)  a copy of IRS Form 990 or its successor; and(4)  any other documents that members are entitled to possess, as determined by the commission.(b)  The notice required by Subsection (a) must be given:(1)  on the credit union's Internet website if the credit union maintains a website; and(2)  in a newsletter twice a year if the credit union distributes a newsletter.(c)  The commission shall adopt reasonable rules to implement this section, including rules prescribing an alternative method for credit unions that do not maintain an Internet website or distribute a newsletter to provide their members with notice of the documents required by Subsection (a).|Added by Acts 2009, 81st Leg., R.S., Ch. 695 (H.B. 2735), Sec. 17, eff. September 1, 2009.|
TX Fin Code § 122.151 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter D. Merger or Consolidation|Section 122.151. Authority to Merge or Consolidate

Sec. 122.151.  AUTHORITY TO MERGE OR CONSOLIDATE.  (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)  the merger or consolidation is in accordance with commission rules and approved by the commissioner;  and(2)  the merger or consolidation takes place under a plan that has been:(A)  agreed to by a majority of the board of each credit union joining in the merger or consolidation;  and(B)  approved by a majority of the members of each credit union voting at a meeting of its members called for that purpose.(b)  The commissioner may waive the requirement that the members of each credit union approve the plan.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.152 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter D. Merger or Consolidation|Section 122.152. Application to Merge or Consolidate

Sec. 122.152.  APPLICATION TO MERGE OR CONSOLIDATE.  (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 of each credit union or federal credit union shall execute a certificate of merger or consolidation that:(1)  includes a copy of the resolution or other action by which the board agreed to the merger or consolidation plan;  and(2)  states:(A)  the time and place of the board meeting at which the board agreed to the merger or consolidation plan;(B)  the board's vote for and against adoption of the plan;(C)  the time and place of the meeting at which the members approved the plan, if applicable;(D)  the membership's vote for and against approval of the plan, if applicable;  and(E)  the name of the surviving credit union.(b)  The merging credit union or a consolidating credit union shall submit the certificates and a copy of the merger or consolidation plan to the commissioner.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 26, eff. Sept. 1, 2003.|
TX Fin Code § 122.153 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter D. Merger or Consolidation|Section 122.153. Decision by Commissioner; Appeal

Sec. 122.153.  DECISION BY COMMISSIONER;  APPEAL.  (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 unions.(b)  The commissioner may conditionally approve a merger or consolidation.  If approval is conditional, the commissioner:(1)  shall state the condition in the order approving the merger or consolidation;  and(2)  may not deliver the approved certificate until the condition has been met.(c)  Notwithstanding any other law, the commissioner may authorize a credit union that is insolvent or is in danger of insolvency to merge or consolidate with another credit union or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities of, another credit union that is insolvent or in danger of insolvency if the commissioner is satisfied that:(1)  an emergency requiring expeditious action exists with respect to the credit union that is insolvent or in danger of insolvency;(2)  another option is not reasonably available;  and(3)  the public interest would best be served by approval of the merger, consolidation, purchase, or assumption.(d)  If the commissioner disapproves the merger or consolidation or imposes a condition, the merging or consolidating credit unions may appeal the commissioner's decision to the commission in the manner provided by Section 122.007 for an appeal on an application to incorporate a credit union.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.1531 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter D. Merger or Consolidation|Section 122.1531. Considerations in Determination

Sec. 122.1531.  CONSIDERATIONS IN DETERMINATION.  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 community and the effect that the merger or consolidation would have on the local community.  The commission by rule shall establish other appropriate criteria that the commissioner must consider in making the determination.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.03(a), eff. Sept. 1, 1999.|
TX Fin Code § 122.154 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter D. Merger or Consolidation|Section 122.154. Property, Obligations, and Liabilities of Merged or Consolidated Credit Union

Sec. 122.154.  PROPERTY, OBLIGATIONS, AND LIABILITIES OF MERGED OR CONSOLIDATED CREDIT UNION.  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 instrument of transfer or endorsement;  and(2)  the obligations and liabilities of the merged or consolidated credit union are assumed by the surviving credit union.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.155 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter D. Merger or Consolidation|Section 122.155. Construction of Subchapter

Sec. 122.155.  CONSTRUCTION OF SUBCHAPTER.  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 consolidate with a credit union authorized to do business under this subtitle.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.156 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter D. Merger or Consolidation|Section 122.156. Rules to Address Certain Procedures

Sec. 122.156.  RULES TO ADDRESS CERTAIN PROCEDURES.  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 merger or consolidation;  and(2)  the commissioner must follow in approving or disapproving the merger or consolidation.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.03(a), eff. Sept. 1, 1999.|
TX Fin Code § 122.201 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter E. Conversion|Section 122.201. Conversion of State Credit Union to Federal Credit Union

Sec. 122.201.  CONVERSION OF STATE CREDIT UNION TO FEDERAL CREDIT UNION.  (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 an affirmative vote by a majority of the members voting at a meeting called for that purpose; and(2)  by complying with any rule adopted by the commission to facilitate the conversion.(b)  On the issuance of a charter by the National Credit Union Administration, the credit union:(1)  ceases to be a credit union incorporated under this subtitle; and(2)  is no longer subject to the supervision and regulation of the commissioner and department.(c)  The converted credit union shall file with the commissioner a copy of the charter issued to the credit union by the National Credit Union Administration.  Failure to file the required copy of the charter does not affect the validity of the conversion.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 14, eff. September 1, 2013.|
TX Fin Code § 122.202 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter E. Conversion|Section 122.202. Conversion of State Credit Union to Out-of-State Credit Union

Sec. 122.202.  CONVERSION OF STATE CREDIT UNION TO OUT-OF-STATE CREDIT UNION.  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 affirmative vote by a majority of the members voting at a meeting called for that purpose;  and(2)  by complying with any applicable commission rule.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.203 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter E. Conversion|Section 122.203. Conversion of Federal or Out-of-State Credit Union to State Credit Union

Sec. 122.203.  CONVERSION OF FEDERAL OR OUT-OF-STATE CREDIT UNION TO STATE CREDIT UNION.  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 of this state by complying with:(1)  the requirements of the jurisdiction under which the converting credit union is organized;  and(2)  commission rules.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|