Texas Finance Code

§ 126.353 — CONFLICT OF INTEREST

FI § 126.353Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 126. CREDIT UNION SUPERVISION AND REGULATION · Art. H. LIQUIDATING AGENT

Statute text

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(a)The liquidating agent may not acquire an asset of the credit union in liquidation or purchase a loan of the credit union without the commissioner's prior written approval.

(b)A liquidating agent may not obtain from the liquidation compensation or profit for:

(1)direct or indirect personal benefit;

(2)the benefit of a family member of or a person associated with the liquidating agent; or

(3)the benefit of a business enterprise with which the liquidating agent is associated, other than the credit union.

Legislative history

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