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Tex. Fin. Code § 122.104

NET WORTH RESERVE ALLOCATIONS

Known as the Texas Credit Union Act

The act spans §§ 121–149 (219 sections).

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff

(a) The commission by rule shall require a credit union to contribute to and maintain net worth reserves necessary to protect the interests of its members. The rule may:

(1) prescribe the purposes for which the net worth reserves may be used; and

(2) authorize the commissioner to approve other uses.

(b) The credit union's board may establish reserves in addition to the required net worth reserves.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.