126.403 – WINDING UP OF CREDIT UNION BUSINESS. During the
Texas Finance Code § 126.403
Summary
This law outlines the process for winding up a credit union's business after its certificate of incorporation is canceled. It allows a designated liquidating agent to manage the credit union's affairs for three years, ensuring liabilities are settled and assets are distributed.
Credit union exists for three years post-cancellation.
Liquidating agent manages liabilities and assets.
Ensures orderly wind-up of credit union operations.
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In simple terms: Learn about Texas's WINDING UP OF CREDIT UNION BUSINESS. During 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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