Tex. Fin. Code § 126.351 · Subchapter H. LIQUIDATING AGENT
REMOVAL OF LIQUIDATING AGENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On finding that the liquidating agent has failed to properly perform the liquidating agent's duties in a timely and efficient manner or has violated this subtitle or a rule adopted under this subtitle, the commissioner by removal order may take possession and control of the books, records, property, assets, and business of the credit union.
(b) The removal order must:
(1) remove the liquidating agent and appoint a successor liquidating agent to complete the liquidation and the winding up of the credit union's affairs subject to the commissioner's supervision and control; and
(2) be served on the liquidating agent being removed.
(c) The removal order takes effect immediately on service.
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.126.htm
- Text hash
- sha256 6f0f610cf417e46b93f1e409a50f0dc2fa879e080da5bf924bf4526c6df5388e
- 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.