Texas Finance Code

§ 122.006 — DECISION ON APPLICATION TO INCORPORATE; ISSUANCE OF CERTIFICATE

FI § 122.006Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. A. INCORPORATION REQUIREMENTS

Statute text

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(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 and rules adopted under this chapter; and

(2)from information furnished with the application, the results of any investigation, the evidence submitted at any hearing, and information in the department's official records, that:

(A)the character and general fitness of the incorporators and the members of the initial board warrant belief that the credit union's business and affairs will be properly administered in accordance with this subtitle and rules adopted under this subtitle;

(B)the character and size of the field of membership to be served by the credit union conform with this subtitle and rules adopted under this subtitle and favor the credit union's economic viability; and

(C)the incorporators and the members of the initial board are acting in good faith and are making the application in accordance with the purposes of this subtitle.

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.01(b), eff. Sept. 1, 1999; Acts 2003, 78th Leg., ch. 533, Sec. 10, eff. Sept. 1, 2003.