Tex. Fin. Code § 122.151 · Subchapter D. MERGER OR CONSOLIDATION
AUTHORITY TO MERGE OR CONSOLIDATE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A credit union may merge or consolidate with another credit union, under the other credit union's existing articles of incorporation or otherwise, if:
(1) the merger or consolidation is in accordance with commission rules and approved by the commissioner; and
(2) the merger or consolidation takes place under a plan that has been:
(A) agreed to by a majority of the board of each credit union joining in the merger or consolidation; and
(B) approved by a majority of the members of each credit union voting at a meeting of its members called for that purpose.
(b) The commissioner may waive the requirement that the members of each credit union approve the plan.
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 6bb73305b2682f3f594736c4f7d7e8ba8e56d72d2d601647633052969916f881
- 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.