Tex. Fin. Code Section 122.009
Requirements for Commencing Business

(a)

A credit union may not transact business or incur debt that is not incidental to its organization or to obtaining a subscription to or payment for its shares or deposits before it:

(1)

has received paid-in shares or deposits of at least $1,000;

(2)

has at least 100 members;

(3)

has fulfilled all agreements and conditions related to approval of an application for incorporation and issuance of a certificate of incorporation; and

(4)

has notified the department of its compliance with Subdivisions (1)-(3).

(b)

The commission may adopt reasonable rules to:

(1)

require greater minimum membership and paid-in shares or deposits; or

(2)

prescribe additional requirements a credit union must meet before transacting business or incurring indebtedness.

(c)

The commissioner may waive a requirement of this section or of a rule adopted under this section if the commissioner finds that the credit union:

(1)

does not have supervisory problems that adversely affect its ability to operate properly; and

(2)

is adequately capitalized.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 122.009 — Requirements for Commencing Business, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­122.­htm#122.­009 (accessed Jun. 5, 2024).

122.001
Application to Incorporate 122.002
Standard Articles of Incorporation and Bylaws 122.003
Corporate Name 122.004
Investigation by Commissioner 122.005
Procedure for Certain Approvals 122.006
Decision on Application to Incorporate 122.007
Appeal to Commission 122.008
Effect of Issuance of Certificate of Incorporation 122.009
Requirements for Commencing Business 122.010
Deadline for Commencing Business 122.011
Amendment of Articles of Incorporation or Bylaws 122.012
Place of Business 122.013
Foreign Credit Unions 122.014
Underserved-area Credit Union 122.051
Membership 122.052
Meetings of Members 122.053
Board of Directors 122.054
Qualification of Directors 122.055
Vacancies 122.056
Honorary or Advisory Directors 122.057
Officers 122.058
Chief Executive Officer 122.059
Delegation of Management and Loan Approval Authority 122.060
Certificate of Election 122.061
Conflicts of Interest 122.062
Compensation 122.063
Bond 122.064
Indemnification 122.101
Call Reports 122.102
Financial Reporting 122.103
Equity Capital 122.104
Net Worth Reserve Allocations 122.105
Membership Share Reduction 122.106
Exemption from Certain Taxes 122.107
Notice of Availability of Certain Documents 122.0131
Temporary Foreign Credit Union Office 122.151
Authority to Merge or Consolidate 122.152
Application to Merge or Consolidate 122.153
Decision by Commissioner 122.154
Property, Obligations, and Liabilities of Merged or Consolidated Credit Union 122.155
Construction of Subchapter 122.156
Rules to Address Certain Procedures 122.201
Conversion of State Credit Union to Federal Credit Union 122.202
Conversion of State Credit Union to Out-of-state Credit Union 122.203
Conversion of Federal or Out-of-state Credit Union to State Credit Union 122.251
Defamation 122.252
Consideration for Loan, Investment, or Purchase 122.253
Loan to Nonmember 122.254
False Statements or Documents 122.255
Determination of Misconduct 122.256
Determination Letter 122.257
Cease and Desist Order for Credit Unions 122.258
Removal Order 122.259
Hearing on Appeal of Proposed Order 122.260
Administrative Penalty 122.261
Confidentiality 122.1531
Considerations in Determination 122.2575
Cease and Desist Order for Other Persons
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 122.009’s source at texas​.gov