Texas Finance Code

§ 126.302 — NOTICE TO CREDITORS AND MEMBERS

FI § 126.302Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 126. CREDIT UNION SUPERVISION AND REGULATION · Art. G. CLAIMS RELATING TO CREDIT UNION IN LIQUIDATION

Statute text

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(a)The liquidating agent shall give notice to creditors and members to present and prove their claims.

(b)The notice must be published once a week for three successive weeks in a newspaper of general circulation in each county in which the credit union maintained an office or branch to transact business on the date the credit union ceased unrestricted operations.

(c)When the aggregate book value of the assets and property of the credit union being liquidated is less than $10,000, the commissioner shall declare the credit union to be a "no publication" liquidation, and publication of notice to creditors and members under this section is not required.

Legislative history

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