122.054 – QUALIFICATION OF DIRECTORS. (a) The commission
Texas Finance Code § 122.054
Summary
This law establishes the qualifications required for individuals to serve as directors of certain financial entities. It prohibits individuals with specific criminal convictions, those ineligible for bonding, or those who have defaulted on payments from serving as directors.
Directors must meet qualifications set by the commission.
Criminal convictions related to dishonesty disqualify a director.
Defaulting on payments also disqualifies an individual from serving.
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In simple terms: Learn about Texas's QUALIFICATION OF DIRECTORS. (a) The commission 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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