Texas Finance Code

§ 124.352 — LIMITATIONS ON INVESTMENTS

FI § 124.352Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 124. LOANS AND INVESTMENTS · Art. H. INVESTMENT OF MONEY

Statute text

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(a)An investment under Section 124.351(a)(1) may be made only if:

(1)the membership or ownership of the agency, association, or company is restricted to credit unions and their members or organizations of credit unions; and

(2)the agency, association, or company is designed primarily to serve or otherwise assist credit union operations.

(b)An investment under Section 124.351(a)(1) or (2) in any one agency, association, or company may not exceed the lesser of the amount equal to:

(1)five percent of the credit union's total assets; or

(2)its reserves and undivided earnings.

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Legislative history

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