Texas Finance Code

§ 122.201 — CONVERSION OF STATE CREDIT UNION TO FEDERAL CREDIT UNION

FI § 122.201Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. E. CONVERSION

Statute text

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(a)A credit union organized under the laws of this state may convert to a credit union under the laws of the United States:

(1)on an affirmative vote by a majority of the members voting at a meeting called for that purpose; and

(2)by complying with any rule adopted by the commission to facilitate the conversion.

(b)On the issuance of a charter by the National Credit Union Administration, the credit union:

(1)ceases to be a credit union incorporated under this subtitle; and

(2)is no longer subject to the supervision and regulation of the commissioner and department.

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 14, eff. September 1, 2013.