Tex. Fin. Code § 122.009 · Subchapter A. INCORPORATION REQUIREMENTS
REQUIREMENTS FOR COMMENCING BUSINESS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A credit union may not transact business or incur debt that is not incidental to its organization or to obtaining a subscription to or payment for its shares or deposits before it:
(1) has received paid-in shares or deposits of at least $1,000;
(2) has at least 100 members;
(3) has fulfilled all agreements and conditions related to approval of an application for incorporation and issuance of a certificate of incorporation; and
(4) has notified the department of its compliance with Subdivisions (1)-(3).
(b) The commission may adopt reasonable rules to:
(1) require greater minimum membership and paid-in shares or deposits; or
(2) prescribe additional requirements a credit union must meet before transacting business or incurring indebtedness.
(c) The commissioner may waive a requirement of this section or of a rule adopted under this section if the commissioner finds that the credit union:
(1) does not have supervisory problems that adversely affect its ability to operate properly; and
(2) is adequately capitalized.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.122.htm
- Text hash
- sha256 7c7f6cd1c688815c12cae6f1a70badd54533b845ac8fa70f47442313e46cc464
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.