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Texas Finance Code - FIN § 126.403. Winding up of Credit Union Business

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

During the three-year period following cancellation of the credit union's certificate of incorporation, the credit union continues to exist and the liquidating agent, or a successor or other person designated by the commissioner, may act on the credit union's behalf to:

(1) pay, satisfy, or discharge an existing liability or obligation;

(2) collect and distribute assets; and

(3) act as required to adjust and wind up the credit union's business and affairs, including suing or being sued in the credit union's corporate name.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 126.403. Winding up of Credit Union Business - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-126-403/

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