reglab/housing_qa huggingface dataset:
TX Fin Code § 122.009 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter A. Incorporation Requirements|Section 122.009. Requirements for Commencing Business

Sec. 122.009.  REQUIREMENTS FOR COMMENCING BUSINESS.  (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 payment for its shares or deposits before it:(1)  has received paid-in shares or deposits of at least $1,000;(2)  has at least 100 members;(3)  has fulfilled all agreements and conditions related to approval of an application for incorporation and issuance of a certificate of incorporation;  and(4)  has notified the department of its compliance with Subdivisions (1)-(3).(b)  The commission may adopt reasonable rules to:(1)  require greater minimum membership and paid-in shares or deposits;  or(2)  prescribe additional requirements a credit union must meet before transacting business or incurring indebtedness.(c)  The commissioner may waive a requirement of this section or of a rule adopted under this section if the commissioner finds that the credit union:(1)  does not have supervisory problems that adversely affect its ability to operate properly;  and(2)  is adequately capitalized.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.010 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter A. Incorporation Requirements|Section 122.010. Deadline for Commencing Business

Sec. 122.010.  DEADLINE FOR COMMENCING BUSINESS.  (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 for good cause shown, the commissioner may grant a credit union that has not begun business within the time prescribed by Subsection (a) a reasonable extension to provide an opportunity to overcome the cause of the delay.(c)  The incorporators may appeal to the commission, in accordance with commission rules, a commissioner's decision refusing a request for an extension.(d)  The commissioner may cancel the certificate of incorporation in accordance with commission rules if a credit union does not begin business within the prescribed time.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 122.011 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter A. Incorporation Requirements|Section 122.011. Amendment of Articles of Incorporation or Bylaws

Sec. 122.011.  AMENDMENT OF ARTICLES OF INCORPORATION OR BYLAWS.  (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 quorum is present.  The board shall submit amendments to the commissioner.(b)  Unless the amendment is a standard bylaw adopted by the commission, the commissioner in writing shall approve or disapprove an amendment.(c)  In approving an amendment, the commissioner shall make the findings and may take the actions provided by Sections 122.006(a) and (b).  The commissioner may not approve an amendment if the commissioner finds that it violates this subtitle  or rules adopted under this subtitle.  The commissioner shall state with reasonable specificity the reasons for disapproval.  An amendment takes effect on the commissioner's approval.(d)  The board shall report an amendment to the credit union's membership not later than the next membership meeting after the commissioner approves the amendment.(e)  The commission shall adopt rules for an appeal of the commissioner's decision on an amendment.  The commissioner's order approving or disapproving an amendment may be appealed to the commission not later than the 60th day after the date of the order.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.02(a), eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 533, Sec. 11, eff. Sept. 1, 2003.|
TX Fin Code § 122.012 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter A. Incorporation Requirements|Section 122.012. Place of Business

Sec. 122.012.  PLACE OF BUSINESS.  (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 place of business.(b)  A credit union shall provide the commissioner with written notice not later than the 30th day before the date that the credit union establishes additional offices or service facilities.  A new office or service facility must be reasonably necessary to provide services to the credit union's members.  The credit union shall additionally notify the commissioner in writing not later than the 10th business day after the date that the new office or service facility begins operating.  For purposes of this subsection, an unmanned teller machine is not considered a service facility.(c)  The commission by rule may prescribe what constitutes an office or service facility.(d)  In accordance with rules adopted by the commission and after notifying the commissioner in writing, a credit union may close any office or service facility, provided that the credit union designates and maintains an office as its principal place of business in this state.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 157, Sec. 7, eff. Sept. 1, 1999.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 5, eff. September 1, 2013.|
TX Fin Code § 122.013 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter A. Incorporation Requirements|Section 122.013. Foreign Credit Unions

Sec. 122.013.  FOREIGN CREDIT UNIONS.  (a)  A foreign credit union may do business in this state if it is organized in a state or country that allows any credit union organized under this subtitle to do business in that state or country.(b)  A foreign credit union doing business in this state is subject to rules adopted under this subtitle and any additional commission requirement.(c)  The commissioner may suspend or revoke a foreign credit union's authority to do business in this state if the commissioner finds that the foreign credit union:(1)  has failed to conduct its business in this state in a manner consistent with the laws of this state;(2)  is in an unsafe or unsound condition;(3)  refuses to comply with an order of the commissioner;(4)  refuses to comply with a request by the commissioner to review the books and records of the credit union; or(5)  has not met or does not meet a requirement imposed by commission rules.(d)  The commission may require a foreign credit union operating in this state to submit periodic reports.  The required reports shall be provided by the foreign credit union or by the credit union supervisory agency having primary responsibility for that credit union.  Any reporting requirements prescribed by the commission under this subsection must be consistent with the reporting requirements applicable to credit unions and appropriate for the purpose of enabling the commissioner to regulate credit unions.(e)  A foreign credit union from a jurisdiction that allows a credit union to exercise additional powers and authorities not granted in this state may not exercise any of those powers or authorities in this state until the foreign credit union requests and obtains permission from the commissioner to exercise those powers or authorities.  If the commissioner determines that there are no safety and soundness concerns, the commissioner shall approve the request and shall publish the powers or authorities granted in the manner authorized by Section 15.4041 or 15.4042 for the issuance of an interpretive statement or an opinion.  When approved, those powers or authorities shall be available to all credit unions authorized to engage in business under this subtitle.(f)  A foreign credit union may not use this section to alter or negate the application to the credit union of any law of this state regarding:(1)  permissible interest rates;(2)  loan fees;  or(3)  licensing or regulatory requirements that relate to insurance, securities, marketing or sales activities, or real estate development and that are administered by an agency of this state.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 157, Sec. 8, eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 533, Sec. 12, eff. Sept. 1, 2003.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 6, eff. September 1, 2013.|
TX Fin Code § 122.0131 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter A. Incorporation Requirements|Section 122.0131. Temporary Foreign Credit Union Office

Sec. 122.0131.  TEMPORARY FOREIGN CREDIT UNION OFFICE.  If a state contiguous to this state experiences an emergency, on a request by that state's credit union regulatory agency, the commissioner may authorize one or more credit unions located in that state to open temporary offices in this state to more promptly restore credit union services to their members.  The commissioner shall issue an order permitting the temporary office and specifying the period the office may remain open.  On a finding that the conditions requiring the temporary office continue to exist, the commissioner may extend the period the office may remain open.  A credit union may convert a temporary office authorized under this section to a permanent location and operate as a foreign credit union if it qualifies to do business in this state as a foreign credit union under Section 122.013 and commission rules.|Added by Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 7, eff. September 1, 2013.|
TX Fin Code § 122.014 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle D - Credit Unions|Chapter 122 - Organizational and Financial Requirements|Subchapter A. Incorporation Requirements|Section 122.014. Underserved-Area Credit Union

Sec. 122.014.  UNDERSERVED-AREA 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)  owned by a person other than an individual;  and(2)  subordinated to other creditors.(b)  A credit union may apply to the commissioner for the designation of the credit union as an underserved-area credit union.(c)  The commissioner may designate a credit union as an underserved-area credit union only if:(1)  at least 50 percent of a substantial and well-defined segment of the credit union's members or potential members who are at least 15 years of age earn not more than 80 percent of the state or national household median income, whichever is higher;(2)  the credit union submits an acceptable written strategic plan for marketing to and serving the segment described by Subdivision (1);  and(3)  the credit union submits other information and satisfies other criteria as may reasonably be required by the commissioner.(d)  In addition to the powers and authorities granted to credit unions under this subtitle or otherwise, an underserved-area credit union may:(1)  issue secondary capital accounts to members or nonmembers of the credit union on the filing of an application with and the advance approval of the commissioner;  and(2)  accept shares and deposits from nonmembers.(e)  The commission may adopt rules for the organization and operation of underserved-area credit unions, including rules requiring disclosures to purchasers of secondary capital accounts and other rules concerning those accounts.|Added by Acts 2003, 78th Leg., ch. 533, Sec. 13, eff. Sept. 1, 2003.|
TX Fin Code § 122.051 (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 122.051. Membership

Sec. 122.051.  MEMBERSHIP.  (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 definable community of interest, in accordance with the credit union's articles of incorporation or bylaws, including a community of interest based on occupation, association, or residence;(2)  has paid an entrance fee or membership fee, or both, as required by the bylaws;(3)  has complied with the minimum share, including membership share, requirements or other qualifying account requirements established by the board;  and(4)  has complied with any other requirement of the articles of incorporation and bylaws.(b)  The state acting through the comptroller as administrator of the state's deferred compensation program or a political subdivision acting through an appropriate officer as administrator of the political subdivision's deferred compensation program may be a member of a credit union for purposes of funding a deferred compensation program.  The state or a political subdivision funding a deferred compensation program is not required to pay an entrance fee.(c)  A member who leaves the field of membership may retain membership in the credit union under reasonable board standards.(d)  In this subsection, "good cause" includes the act of physically or verbally abusing a credit union member or employee.  A person's membership in a credit union may be terminated or suspended for good cause or for not maintaining membership requirements, under the conditions and in accordance with the procedures provided in the bylaws.  A credit union may also discontinue providing any or all services to a member for good cause without terminating or suspending the person's membership.  Termination or suspension of a person's membership in the credit union or discontinuing services does not relieve the person from any outstanding obligations owed to the credit union.(e)  Two or more persons within the credit union's field of membership who have jointly subscribed for one or more share or deposit accounts under a joint account and who have complied with all membership requirements may each be admitted to membership.(f)  A credit union authorized to engage in business under this subtitle may accept as a member any other credit union organized or chartered under the laws of this or another state or of the United States.  Those credit union members are not entitled to any voting privileges.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 14, eff. Sept. 1, 2003.|
TX Fin Code § 122.052 (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 122.052. Meetings of Members; Voting

Sec. 122.052.  MEETINGS OF MEMBERS;  VOTING.  (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 bylaws.(b)  In determining a question requiring action by the members, each member may cast only one vote, regardless of the number of shares the member holds.(c)  The board may authorize voting by mail or by electronic means.  Mail and electronic balloting shall be conducted in accordance with commission rules.(d)  A member that is not an organization may not vote by proxy.  A member that is an organization may be represented by and vote through a designated representative who is authorized, in writing, by the organization's governing body to represent the organization.(e)  The credit union's bylaws may establish a minimum age requirement to vote.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 15, eff. Sept. 1, 2003.|
TX Fin Code § 122.053 (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 122.053. Board of Directors; Terms and Duties

Sec. 122.053.  BOARD OF DIRECTORS;  TERMS AND DUTIES.  (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 shall elect the board at an annual membership meeting, from the membership, and in the manner provided by the bylaws.  A board member shall hold office until a successor is qualified and elected or appointed.(c)  A director shall take and subscribe to an oath or affirmation that the director:(1)  will diligently and honestly perform the director's duties in administering the credit union's affairs;(2)  although the director may delegate the performance of those duties, remains responsible for the performance of the duties;(3)  will not knowingly violate or willingly permit the violation of an applicable law;  and(4)  will exercise the care and diligence reasonable and necessary to administer the affairs of the credit union in a safe and sound manner.(d)  The bylaws shall prescribe the directors' terms and the board's duties.  A term may not exceed three years.  A director may serve more than one term.(e)  The board shall meet at least once each month.(f)  A director may not vote by proxy.  A director may participate in and act at any meeting of the board by means of electronic communications equipment through which all persons participating in the meeting can communicate with each other.  Participation in a meeting in the manner authorized by this subsection constitutes attendance at a meeting.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 16, eff. Sept. 1, 2003.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 8, eff. September 1, 2013.|
TX Fin Code § 122.054 (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 122.054. Qualification of Directors

Sec. 122.054.  QUALIFICATION OF DIRECTORS.  (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 person:(1)  has been convicted of a criminal offense involving dishonesty or breach of trust;(2)  is not eligible for coverage under the blanket bond required by Section 122.063 and rules adopted under this subtitle;  or(3)  has defaulted on payment of a voluntary obligation to the credit union or has otherwise caused the credit union to incur a financial loss.(b)  The president or an employee of a credit union may not serve as director of the credit union unless permitted by the credit union's bylaws.  If the bylaws permit the president or an employee to serve on the board, the bylaws must require that persons serve on the board so that the president and employees of the credit union never constitute a majority of the board.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 17, eff. Sept. 1, 2003.|
TX Fin Code § 122.055 (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 122.055. Vacancies; Removal

Sec. 122.055.  VACANCIES;  REMOVAL.  (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 of absences permitted by commission rule, or does not possess or maintain the qualifications required to serve on the board.(b)  Unless the bylaws provide otherwise, the remaining directors by majority vote shall fill a vacancy, regardless of whether the remaining directors constitute a quorum.  A director elected by the board to fill a vacancy holds office until the next annual membership meeting, at which the position shall be filled for the remainder of the unexpired term by vote of the members.(c)  A director may be removed from office according to the removal procedure provided by the bylaws.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 18, eff. Sept. 1, 2003.|
TX Fin Code § 122.056 (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 122.056. Honorary or Advisory Directors

Sec. 122.056.  HONORARY OR ADVISORY DIRECTORS.  (a)  The board may appoint not more than six individuals to serve at the board's pleasure as honorary or advisory directors to advise and consult with the board and otherwise aid the board in carrying out the board's duties and responsibilities.(b)  An honorary or advisory director:(1)  need not be eligible for membership in the credit union;(2)  is not a member of the board;  and(3)  is not entitled to vote on a matter before the board.(c)  An honorary or advisory director may participate in any board deliberation.  Except as otherwise provided by Section 125.402(d), an honorary or advisory director shall hold in confidence all information the director receives about a credit union during the director's service.|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. 9, eff. September 1, 2013.|
TX Fin Code § 122.057 (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 122.057. Officers; Executive Committee

Sec. 122.057.  OFFICERS;  EXECUTIVE COMMITTEE.  (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 secretary may be held by the same individual.(b)  An officer elected under Subsection (a):(1)  serves a one-year term or until the officer's successor is elected and qualified;  and(2)  has the duties the bylaws prescribe.(c)  The board may appoint from its membership an executive committee of at least three persons to exercise, between board meetings, authority specifically delegated by the board under conditions specified by the board.  At each board meeting, the executive committee shall report to the board regarding any meeting held or action taken by the committee between board meetings.(d)  The bylaws may establish a minimum age requirement to hold office in the credit union.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 19, eff. Sept. 1, 2003.|
TX Fin Code § 122.058 (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 122.058. Chief Executive Officer

Sec. 122.058.  CHIEF EXECUTIVE OFFICER.  (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 board member but may not be chairman, vice chairman, or secretary of the credit union.  The president serves at the board's pleasure.(c)  Subject to board guidelines, the president shall appoint or employ, and may discharge, any other officer or employee the president considers necessary to operate the credit union.  The president shall prescribe the title of an officer or employee appointed or employed under this subsection.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|