PROPERTY, OBLIGATIONS, AND LIABILITIES OF MERGED OR CONSOLIDATED CREDIT UNION
Known as the Texas Credit Union Act
The act spans §§ 121–149 (219 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
After a merger or consolidation is effected:
(1) the property of the merged or consolidated credit union vests in the surviving credit union without an instrument of transfer or endorsement; and
(2) the obligations and liabilities of the merged or consolidated credit union are assumed by the surviving credit union.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.