Tex. Fin. Code § 122.102 · Subchapter C. OPERATIONS AND FINANCES
FINANCIAL REPORTING; AUDITS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A credit union shall use the financial reporting forms and observe the accounting principles prescribed by the commission.
(b) The board shall:
(1) make a comprehensive annual audit of the credit union's books and affairs, in accordance with established principles and commission rules;
(2) submit a summary of the audit report to the credit union's members at the next annual meeting; and
(3) make a supplementary audit or examination as the board considers necessary or the commissioner requires.
(c) The commission by rule may require a verification of members' accounts with the credit union's records.
(d) If the commissioner, by examination or other credible evidence, finds that the board is not complying with this section or a rule adopted under this section, the commissioner may appoint an independent person from outside the credit union and its members to perform an audit. The credit union shall pay the cost of the audit.
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 b7197fa20a74b5d085d1596f60a8d801240ce99e47707fee3902a1888f5f023f
- 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.