Tex. Finance Code § 122.054
QUALIFICATION OF DIRECTORS
Texas · Texas Finance Code · Status: effective
Cite this
- Citation
- Tex. Finance Code § 122.054, QUALIFICATION OF DIRECTORS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645889
- Permanent ID
ys:prov:645889@1- SHA-256
48f66479251a5d1a53d9df6677d6f68b485ffbe4389fdc601eb60def5522f5bc
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) The commission by rule shall establish qualifications for a director. The rules must provide that a person may not serve as director if the person:
(1) has been convicted of a criminal offense involving dishonesty or breach of trust;
(2) is not eligible for coverage under the blanket bond required by Section 122.063 and rules adopted under this subtitle; or
(3) has defaulted on payment of a voluntary obligation to the credit union or has otherwise caused the credit union to incur a financial loss.
(b) The president or an employee of a credit union may not serve as director of the credit union unless permitted by the credit union's bylaws. If the bylaws permit the president or an employee to serve on the board, the bylaws must require that persons serve on the board so that the president and employees of the credit union never constitute a majority of the board.