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Tex. Fin. Code § 126.204

ACTION PENDING INJUNCTION HEARING

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

(a) The court, without notice or hearing, may restrain the commissioner from liquidating the credit union's assets until after a hearing on the suit is held.

(b) If the court restrains the commissioner, the court shall instruct the commissioner to hold the credit union's assets in the commissioner's possession and control until disposition of the suit.

(c) With court approval, the commissioner may take any necessary or proper action to prevent loss or depreciation in the value of the assets.

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