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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) An investment under Section 124.351(a)(1) may be made only if:
(1) the membership or ownership of the agency, association, or company is restricted to credit unions and their members or organizations of credit unions; and
(2) the agency, association, or company is designed primarily to serve or otherwise assist credit union operations.
(b) An investment under Section 124.351(a)(1) or (2) in any one agency, association, or company may not exceed the lesser of the amount equal to:
(1) five percent of the credit union's total assets; or
(2) its reserves and undivided earnings.
(c) Notwithstanding Subsection (a), the commission by rule may authorize an investment under Section 124.351(a)(1) in an agency, association, or company:
(1) whose membership or ownership is not restricted to credit unions and their members or organizations of credit unions; or
(2) that is not designed primarily to serve or otherwise assist credit union operations.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 124.352. Limitations on Investments - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-124-352/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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