Tex. Finance Code § 122.059
DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY
Texas · Texas Finance Code · Status: effective
Cite this
- Citation
- Tex. Finance Code § 122.059, DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645894
- Permanent ID
ys:prov:645894@1- SHA-256
a9fb8321b1a2e41c05c0ce448bf5490708b090ea022acd6442f5c7d0bf44d61d
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) Without written approval of the commissioner, a credit union may not:
(1) contract with an individual who is not an officer, director, or employee of the credit union or with an organization for the provision of the management of the credit union; or
(2) delegate to an individual who is not an officer, director, or employee of the credit union or to an organization the authority to manage the credit union.
(b) The board may delegate all or part of its power to approve or disapprove a loan to a credit committee, one or more other committees, or one or more individuals.