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Texas Finance Code - FIN § 122.104. Net Worth Reserve Allocations

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

(a) The commission by rule shall require a credit union to contribute to and maintain net worth reserves necessary to protect the interests of its members. The rule may:

(1) prescribe the purposes for which the net worth reserves may be used; and

(2) authorize the commissioner to approve other uses.

(b) The credit union's board may establish reserves in addition to the required net worth reserves.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 122.104. Net Worth Reserve Allocations - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-122-104/

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