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Texas Finance Code - FIN § 122.061. Conflicts of Interest

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) While serving as a director, honorary director, advisory director, committee member, officer, or employee of a credit union, a person may not:

(1) participate, directly or indirectly, in the deliberation on or determination of a question affecting the person's pecuniary interest or the pecuniary interest of a member of the person's immediate family or of a partnership, association, or corporation, other than the credit union, in which the person is directly or indirectly interested;  or

(2) become employed by, engage in, or own an interest in a business or professional activity that the person could reasonably expect to:

(A) require or induce the person to disclose confidential information acquired because of the person's office or employment in the credit union;  or

(B) impair the person's independence or judgment in the performance of the person's duties or responsibilities to the credit union.

(b) An interest only as a member of the credit union that is shared in common with all other members is not a pecuniary interest within the meaning of Subsection (a)(1).

(c) In this section, “member of a person's immediate family” means a person's spouse or another person living in the person's household.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 122.061. Conflicts of Interest - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-122-061/

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