Tex. Fin. Code § 126.403 · Subchapter I. COMPLETION OF LIQUIDATION
WINDING UP OF CREDIT UNION BUSINESS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
During the three-year period following cancellation of the credit union's certificate of incorporation, the credit union continues to exist and the liquidating agent, or a successor or other person designated by the commissioner, may act on the credit union's behalf to:
(1) pay, satisfy, or discharge an existing liability or obligation;
(2) collect and distribute assets; and
(3) act as required to adjust and wind up the credit union's business and affairs, including suing or being sued in the credit union's corporate name.
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 9fb5edbd6964686c88dee494c1475b3d9bdc2238bc27cf65c1a7635cf7ec177e
- 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.