Texas Finance Code

§ 126.101 — CONSERVATORSHIP ORDER; APPOINTMENT OF CONSERVATOR

FI § 126.101Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 126. CREDIT UNION SUPERVISION AND REGULATION · Art. C. CONSERVATORSHIP ORDER

Statute text

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(a)The commissioner may immediately issue a conservatorship order and appoint a conservator to manage a credit union's affairs if:

(1)the commissioner, in performing the duties under this subtitle, finds that:

(A)the credit union is insolvent or in imminent danger of insolvency; or

(B)the credit union or an employee, officer, or director of a credit union, including an honorary or advisory director has:

(i)violated this subtitle, a rule adopted under this subtitle, or another law that applies to credit unions;

(ii)violated or neglected a final order of the commissioner or commission;

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Legislative history

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