Texas Finance Code
§ 122.009 — REQUIREMENTS FOR COMMENCING BUSINESS
FI § 122.009Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. A. INCORPORATION REQUIREMENTS
Statute text
View on source(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:
…
Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.