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Texas Finance Code - FIN § 15.203. Qualifications of Industry Commission Members

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

(a) Four commission members must be individuals who:

(1) have five years or more of active experience as a director, officer, or committee member of a credit union that:

(A) is organized and doing business in this state under Subtitle D, Title 3,  1 or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.);  and

(B) has its principal office in this state;  and

(2) are engaged in exercising the powers and duties of a director, officer, or committee member of such a credit union.

(b) Experience as a commissioner, deputy commissioner, or examiner is equivalent to the experience required by Subsection (a).

(c) Not more than one individual from a federal credit union may serve on the commission at any time.

(d) An individual who ceases to be engaged in exercising the powers and duties prescribed by this section for a period exceeding 90 days becomes ineligible to serve as a commission member, and the individual's position on the commission becomes vacant.

1  V.T.C.A., Finance Code § 121.001 et seq.
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Cite this article: FindLaw.com - Texas Finance Code - FIN § 15.203. Qualifications of Industry Commission Members - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-15-203/

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