Texas Finance Code

§ 122.102 — FINANCIAL REPORTING; AUDITS

FI § 122.102Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. C. OPERATIONS AND FINANCES

Statute text

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(a)A credit union shall use the financial reporting forms and observe the accounting principles prescribed by the commission.

(b)The board shall:

(1)make a comprehensive annual audit of the credit union's books and affairs, in accordance with established principles and commission rules;

(2)submit a summary of the audit report to the credit union's members at the next annual meeting; and

(3)make a supplementary audit or examination as the board considers necessary or the commissioner requires.

(c)The commission by rule may require a verification of members' accounts with the credit union's records.

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.