122.151 – AUTHORITY TO MERGE OR CONSOLIDATE. (a) A credit
Texas Finance Code § 122.151
Summary
This law allows credit unions in Texas to merge or consolidate with one another, provided they follow specific rules and obtain necessary approvals. It affects credit unions seeking to combine resources or operations to enhance their services or efficiency.
Credit unions must comply with commission rules for mergers.
Approval from the commissioner is required for consolidation.
A majority board agreement is necessary for the merger plan.
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In simple terms: Learn about Texas's AUTHORITY TO MERGE OR CONSOLIDATE. (a) A credit 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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