Current as of April 14, 2021 | Updated by FindLaw Staff
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(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 April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-124-352/
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