Tex. Fin. Code Section 126.454
Credit Union Operations Before and After Vote

Immediately after notice under Section 126.453 (Notice of Meeting to Liquidate) is mailed, the commissioner may restrict control or give direction with respect to the continued business of the credit union pending consideration of voluntary liquidation by the members. During that period, no member shall withdraw an aggregate amount in excess of the share insurance covered by the credit union. No new extensions of credit shall be funded during the period between the board of directors’ adoption of the resolution recommending voluntary liquidation and the membership meeting called to consider voluntary liquidation, except for the issuance of loans fully secured by a pledge of shares and the funding of outstanding loan commitments approved before adoption of the resolution. If the vote to dissolve and liquidate the credit union is affirmative, the credit union may conduct only business incidental to liquidation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 52, eff. Sept. 1, 2003.

Source: Section 126.454 — Credit Union Operations Before and After Vote, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­126.­htm#126.­454 (accessed Jun. 5, 2024).

126.001
Appointment of Conservator or Liquidating Agent 126.002
Confidentiality of Information 126.003
Enforceability of Agreement Made by Credit Union Before Conservatorship or Liquidation 126.051
Examinations 126.052
Access to Information 126.053
Witnesses 126.054
Report of Examination 126.055
Fee 126.101
Conservatorship Order 126.102
Service of Order 126.103
Effect of Order 126.105
Appeal of Order 126.106
Failure to Appeal or Appear 126.107
Extension of Date and Time for Hearing 126.108
Confidentiality 126.151
Conservator Subject to Commission Control 126.152
General Powers of Conservator 126.153
Powers Relating to Claims 126.154
Power to Repudiate Burdensome Transaction 126.155
Power to Protect, Preserve, and Recover Property 126.156
Duties of Conservator 126.157
Term of Conservator 126.158
Transfer of Management of Rehabilitated Credit Union 126.159
Cost of Conservatorship 126.160
Jurisdiction and Venue 126.161
Exhaustion of Administrative Remedies 126.201
Liquidation Order 126.202
Service of Order 126.203
Suit for Injunction 126.204
Action Pending Injunction Hearing 126.205
Hearing on Injunction 126.206
National Credit Union Administration as Liquidating Agent 126.251
Permissible Activities in Liquidation 126.252
Compensation of Credit Union Employees and Officers 126.253
Liquidating Agent Subject to Commission Control 126.254
Possession, Consolidation, and Disposition of Assets 126.255
Compound Debts 126.256
Court Action by Liquidating Agent 126.257
Repudiation of Burdensome Transactions 126.258
Execution of Documents 126.259
Jurisdiction and Venue 126.260
Exhaustion of Administrative Remedies 126.301
Claims Against Credit Union 126.302
Notice to Creditors and Members 126.303
Priority of Claims 126.304
Liquidation Dividends 126.306
Barred Claims 126.351
Removal of Liquidating Agent 126.352
Replacement of Liquidating Agent 126.353
Conflict of Interest 126.354
Compensation 126.401
Certificate of Liquidation and Distribution 126.402
Cancellation of Certificate of Incorporation 126.403
Winding up of Credit Union Business 126.451
Board Resolution 126.452
Notification to Commissioner of Proposed Liquidation 126.453
Notice of Meeting to Liquidate 126.454
Credit Union Operations Before and After Vote 126.455
Vote on Voluntary Liquidation 126.456
Notice to Commissioner of Affirmative Vote to Liquidate 126.457
Appointment of Liquidating Agent 126.458
Application of Law to Credit Union in Voluntary Liquidation
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 126.454’s source at texas​.gov