126.203 – SUIT FOR INJUNCTION. (a) Not later than the
Texas Finance Code § 126.203
Summary
This law allows a credit union to file a lawsuit to prevent liquidation if it has not consented to the order. The lawsuit must be initiated within five days of receiving the liquidation order and requires a certified board resolution. It specifically applies to credit unions facing involuntary liquidation in Texas.
Credit unions can sue to prevent liquidation within five days.
Requires a certified board resolution to initiate the lawsuit.
Lawsuit must be filed in the district court of the credit union's location.
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In simple terms: Learn about Texas's SUIT FOR INJUNCTION. (a) Not later than the 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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