Sec. 122.154. PROPERTY, OBLIGATIONS, AND LIABILITIES OF MERGED OR CONSOLIDATED CREDIT UNION. After a merger or consolidation is effected:
(1) the property of the merged or consolidated credit union vests in the surviving credit union without an instrument of transfer or endorsement; and
(2) the obligations and liabilities of the merged or consolidated credit union are assumed by the surviving credit union.
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 D. Merger or Consolidation
Section 122.151. Authority to Merge or Consolidate
Section 122.152. Application to Merge or Consolidate
Section 122.153. Decision by Commissioner; Appeal
Section 122.1531. Considerations in Determination
Section 122.154. Property, Obligations, and Liabilities of Merged or Consolidated Credit Union