This law outlines the immediate effects of a conservatorship order on a credit union. It grants the commissioner control over the credit union's operations and assets, while restricting the credit union from conducting any business without authorization.
Commissioner gains control of credit union's assets and operations.
Credit union must cease operations not authorized by the commissioner.
Order is effective immediately upon service.
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In simple terms: Learn about Texas's EFFECT OF ORDER. Following service of 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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