Texas Finance Code

§ 126.204 — ACTION PENDING INJUNCTION HEARING

FI § 126.204Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 126. CREDIT UNION SUPERVISION AND REGULATION · Art. E. LIQUIDATION ORDER; INJUNCTION

Statute text

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(a)The court, without notice or hearing, may restrain the commissioner from liquidating the credit union's assets until after a hearing on the suit is held.

(b)If the court restrains the commissioner, the court shall instruct the commissioner to hold the credit union's assets in the commissioner's possession and control until disposition of the suit.

(c)With court approval, the commissioner may take any necessary or proper action to prevent loss or depreciation in the value of the assets.

Legislative history

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