Tex. Fin. Code § 126.201 · Subchapter E. LIQUIDATION ORDER; INJUNCTION
LIQUIDATION ORDER; APPOINTMENT OF LIQUIDATING AGENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) After the commissioner has issued a conservatorship order and provided an opportunity for hearing, the commissioner by liquidation order may appoint a liquidating agent and direct that the credit union be liquidated if:
(1) the board requests issuance of a liquidation order and liquidation of the credit union;
(2) the credit union otherwise consents to the liquidation; or
(3) the commissioner:
(A) finds that the closing of the credit union and the liquidation of the credit union's assets are in the public interest and the best interest of the credit union's members, depositors, and creditors; and
(B) determines that the credit union is not in a condition to continue business and cannot be rehabilitated as provided by this chapter.
(b) If the board consents to the liquidation order and waives the necessity of a conservatorship order, the commissioner may issue a liquidation order without first issuing a conservatorship order.
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. 23, 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.126.htm
- Text hash
- sha256 6a347bba04ea029ee5746d7962bd50a260c73d108995fc66b887cf6e44aa1e0b
- 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.