EFFECT OF ORDER
Known as the Texas Credit Union Act
The act spans §§ 121.001 to 149.002 (219 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
Following service of a conservatorship order:
(1) the commissioner shall take possession and control of the credit union's books, records, property, assets, and business; and
(2) the credit union shall cease all operations except those authorized by the commissioner and conducted under the commissioner's supervision.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.