Tex. Fin. Code § 122.059 · Subchapter B. ADMINISTRATION
DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Without written approval of the commissioner, a credit union may not:
(1) contract with an individual who is not an officer, director, or employee of the credit union or with an organization for the provision of the management of the credit union; or
(2) delegate to an individual who is not an officer, director, or employee of the credit union or to an organization the authority to manage the credit union.
(b) The board may delegate all or part of its power to approve or disapprove a loan to a credit committee, one or more other committees, or one or more individuals.
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. 20, 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 1e6abee1771b5623cc79e19a727007d2e9894aa8a6a91a04c913a723321e3553
- 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.