126.106 – FAILURE TO APPEAL OR APPEAR. If the board does
Texas Finance Code § 126.106
Summary
This law states that if a credit union's board does not appeal a conservatorship order or fails to appear at the required hearing, it is assumed to have agreed to the commissioner's actions regarding the conservatorship. This can lead to the commissioner making decisions about the conservatorship without the board's input.
Board's failure to appeal implies consent to the commissioner's actions.
Commissioner can make decisions without board input if they do not appear.
Affects credit unions under conservatorship orders.
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In simple terms: Learn about Texas's FAILURE TO APPEAL OR APPEAR. If the board does 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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