Texas Finance Code

§ 122.104 — NET WORTH RESERVE ALLOCATIONS

FI § 122.104Title 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)The commission by rule shall require a credit union to contribute to and maintain net worth reserves necessary to protect the interests of its members. The rule may:

(1)prescribe the purposes for which the net worth reserves may be used; and

(2)authorize the commissioner to approve other uses.

(b)The credit union's board may establish reserves in addition to the required net worth reserves.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 24, eff. Sept. 1, 2003.