Texas Finance Code
§ 122.061 — CONFLICTS OF INTEREST
FI § 122.061Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. B. ADMINISTRATION
Statute text
View on source(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).
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Legislative history
Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 11, eff. September 1, 2013.