Sec. 122.010. DEADLINE FOR COMMENCING BUSINESS. (a) A credit union shall begin business before six months after the date of the order approving the credit union's application.
(b) On request and for good cause shown, the commissioner may grant a credit union that has not begun business within the time prescribed by Subsection (a) a reasonable extension to provide an opportunity to overcome the cause of the delay.
(c) The incorporators may appeal to the commission, in accordance with commission rules, a commissioner's decision refusing a request for an extension.
(d) The commissioner may cancel the certificate of incorporation in accordance with commission rules if a credit union does not begin business within the prescribed time.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 122 - Organizational and Financial Requirements
Subchapter A. Incorporation Requirements
Section 122.001. Application to Incorporate
Section 122.002. Standard Articles of Incorporation and Bylaws
Section 122.003. Corporate Name; Criminal Penalty
Section 122.004. Investigation by Commissioner
Section 122.005. Procedure for Certain Approvals
Section 122.006. Decision on Application to Incorporate; Issuance of Certificate
Section 122.007. Appeal to Commission
Section 122.008. Effect of Issuance of Certificate of Incorporation
Section 122.009. Requirements for Commencing Business
Section 122.010. Deadline for Commencing Business
Section 122.011. Amendment of Articles of Incorporation or Bylaws
Section 122.012. Place of Business
Section 122.013. Foreign Credit Unions