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Texas Finance Code - FIN § 126.457. Appointment of Liquidating Agent

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

(a) If the members approve the liquidation, the board shall appoint a liquidating agent to:

(1) conserve and collect the credit union's assets;

(2) wind up the credit union's affairs;

(3) discharge the credit union's debts;

(4) distribute the credit union's assets;  and

(5) take any other action necessary and incidental to liquidating the credit union.

(b) The National Credit Union Administration or other insuring organization has the right of first refusal to be appointed as liquidating agent of any credit union that it insures.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 126.457. Appointment of Liquidating Agent - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-126-457/

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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