Tex. Fin. Code § 122.201 · Subchapter E. CONVERSION
CONVERSION OF STATE CREDIT UNION TO FEDERAL CREDIT UNION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A credit union organized under the laws of this state may convert to a credit union under the laws of the United States:
(1) on an affirmative vote by a majority of the members voting at a meeting called for that purpose; and
(2) by complying with any rule adopted by the commission to facilitate the conversion.
(b) On the issuance of a charter by the National Credit Union Administration, the credit union:
(1) ceases to be a credit union incorporated under this subtitle; and
(2) is no longer subject to the supervision and regulation of the commissioner and department.
(c) The converted credit union shall file with the commissioner a copy of the charter issued to the credit union by the National Credit Union Administration. Failure to file the required copy of the charter does not affect the validity of the conversion.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 14, eff. September 1, 2013.
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 2007e3f160827c727648684815ce635ca3972e21ad06e4e56d74081b574405af
- 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.