Tex.
Fin. Code Section 122.258
Removal Order
(a)
The commissioner by order may remove or prohibit a person who is a current or former officer, director, manager, or employee of a credit union from office, employment, or further participation in the affairs of a credit union if the commissioner by examination or other credible evidence:(1)
finds that:(A)
the person has continued a violation or practice previously charged and found by the commissioner after issuance of a determination letter under Section 122.256 (Determination Letter; Board Meeting) or a cease and desist order under Section 122.257 (Cease and Desist Order for Credit Unions); and(B)
removal or prohibition is necessary and in the best interest of the credit union and its depositors, creditors, and members; or(2)
makes a finding listed in Section 122.255 (Determination of Misconduct) and determines that removal or prohibition of the person is immediately necessary because the person has committed or is about to commit:(A)
a fraudulent or criminal act involving the conduct of the business of the credit union;(B)
an act that may cause the credit union to become insolvent or to be placed in imminent danger of insolvency; or(C)
an act that otherwise threatens immediate and irreparable harm to the public or the credit union or its members, depositors, or creditors.(b)
The removal order must:(1)
state with reasonable certainty the grounds for removal; and(2)
be promptly served on the person removed and on the credit union in the manner provided by Section 122.257 (Cease and Desist Order for Credit Unions) for service of a cease and desist order.(c)
On issuance of the order, the person has no right, duty, or authority of office or employment in the credit union. After the order becomes final, the person removed or prohibited may not hold office in, be employed by, or participate in the affairs of any credit union without the prior written approval of the commissioner. The order is final as of the date of issuance unless the person removed or prohibited or the credit union, as evidenced by a certified copy of the board resolution, files written notice of appeal with the commissioner not later than the 10th day after the day the removal order is served.(d)
A copy of the removal order shall be entered in the board minutes. An officer shall acknowledge receipt of the order and certify to the commissioner that each person named in the removal order has been removed from office or employment.
Source:
Section 122.258 — Removal Order, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.122.htm#122.258 (accessed May 11, 2024).
