122.053 – BOARD OF DIRECTORS; TERMS AND DUTIES. (a) A
Texas Finance Code § 122.053
Summary
This law outlines the structure and responsibilities of a credit union's board of directors, requiring a minimum of five members. The board is elected by the credit union's membership during an annual meeting, ensuring that members have a say in governance.
Requires a minimum of five board members for credit unions.
Board members are elected by credit union members annually.
Directors must take an oath before assuming office.
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In simple terms: Learn about Texas's BOARD OF DIRECTORS; TERMS AND DUTIES. (a) A law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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