Texas Finance Code
§ 126.457 — APPOINTMENT OF LIQUIDATING AGENT
FI § 126.457Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 126. CREDIT UNION SUPERVISION AND REGULATION · Art. J. VOLUNTARY LIQUIDATION
Statute text
View on source(a)If the members approve the liquidation, the board shall appoint a liquidating agent to:
(1)conserve and collect the credit union's assets;
(2)wind up the credit union's affairs;
(3)discharge the credit union's debts;
(4)distribute the credit union's assets; and
(5)take any other action necessary and incidental to liquidating the credit union.
…
Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 54, eff. Sept. 1, 2003.