Tex. Fin. Code Section 122.054
Qualification of Directors

(a)

The commission by rule shall establish qualifications for a director. The rules must provide that a person may not serve as director if the person:

(1)

has been convicted of a criminal offense involving dishonesty or breach of trust;

(2)

is not eligible for coverage under the blanket bond required by Section 122.063 (Bond) and rules adopted under this subtitle; or

(3)

has defaulted on payment of a voluntary obligation to the credit union or has otherwise caused the credit union to incur a financial loss.

(b)

The president or an employee of a credit union may not serve as director of the credit union unless permitted by the credit union’s bylaws. If the bylaws permit the president or an employee to serve on the board, the bylaws must require that persons serve on the board so that the president and employees of the credit union never constitute a majority of the board.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 17, eff. Sept. 1, 2003.

Source: Section 122.054 — Qualification of Directors, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­122.­htm#122.­054 (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

§ 122.054’s source at texas​.gov