Tex. Fin. Code § 126.353 · Subchapter H. LIQUIDATING AGENT
CONFLICT OF INTEREST.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The liquidating agent may not acquire an asset of the credit union in liquidation or purchase a loan of the credit union without the commissioner's prior written approval.
(b) A liquidating agent may not obtain from the liquidation compensation or profit for:
(1) direct or indirect personal benefit;
(2) the benefit of a family member of or a person associated with the liquidating agent; or
(3) the benefit of a business enterprise with which the liquidating agent is associated, other than the credit union.
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 0e14bd99d8b4f295759aa0f9bfd07d314e472819d5dbb90d3cb5f47bbc2b5401
- 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
Cited by 1 provision
Provisions in this library whose text cites Tex. Fin. Code § 126.353. Each shows the citation as that text prints it.
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.