Texas Finance Code

§ 122.053 — BOARD OF DIRECTORS; TERMS AND DUTIES

FI § 122.053Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. B. ADMINISTRATION

Statute text

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(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

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 8, eff. September 1, 2013.