Tex. Fin. Code § 122.054 · Subchapter B. ADMINISTRATION
QUALIFICATION OF DIRECTORS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The commission by rule shall establish qualifications for a director. The rules must provide that a person may not serve as director if the person:
(1) has been convicted of a criminal offense involving dishonesty or breach of trust;
(2) is not eligible for coverage under the blanket bond required by Section 122.063 and rules adopted under this subtitle; or
(3) has defaulted on payment of a voluntary obligation to the credit union or has otherwise caused the credit union to incur a financial loss.
(b) The president or an employee of a credit union may not serve as director of the credit union unless permitted by the credit union's bylaws. If the bylaws permit the president or an employee to serve on the board, the bylaws must require that persons serve on the board so that the president and employees of the credit union never constitute a majority of the board.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 17, eff. Sept. 1, 2003.
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 8dcfb55468648fddd6176a39d41b295708f8614a67d070d587c56302373a2174
- 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
This section cites
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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.