Texas Finance Code

§ 126.103 — EFFECT OF ORDER

FI § 126.103Title 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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Following service of a conservatorship order:

(1)the commissioner shall take possession and control of the credit union's books, records, property, assets, and business; and

(2)the credit union shall cease all operations except those authorized by the commissioner and conducted under the commissioner's supervision.

Legislative history

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