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Texas Finance Code - FIN § 126.351. Removal of Liquidating Agent

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

(a) On finding that the liquidating agent has failed to properly perform the liquidating agent's duties in a timely and efficient manner or has violated this subtitle   1 or a rule adopted under this subtitle, the commissioner by removal order may take possession and control of the books, records, property, assets, and business of the credit union.

(b) The removal order must:

(1) remove the liquidating agent and appoint a successor liquidating agent to complete the liquidation and the winding up of the credit union's affairs subject to the commissioner's supervision and control;  and

(2) be served on the liquidating agent being removed.

(c) The removal order takes effect immediately on service.

1  V.T.C.A., Finance Code § 121.001 et seq.
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Cite this article: FindLaw.com - Texas Finance Code - FIN § 126.351. Removal of Liquidating Agent - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-126-351/

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