Texas Statutes
Subchapter F. Misconduct and Enforcement
Section 122.255. Determination of Misconduct

Sec. 122.255. DETERMINATION OF MISCONDUCT. The commissioner may determine that an officer, director, honorary director, advisory director, or employee of a credit union, or the credit union itself, acting by and through an officer, director, honorary director, advisory director, or employee, has:
(1) violated this subtitle, a rule adopted under this subtitle, or another law applicable to a credit union;
(2) violated or refused to comply with a final order of the commissioner or commission;
(3) wilfully neglected to perform an official or legal duty or wilfully committed a breach of trust or fiduciary duty;
(4) committed a fraudulent or questionable practice in the conduct of the credit union's business that endangers the credit union's reputation or threatens its solvency;
(5) refused to submit to examination under oath or to permit examination of the credit union's records and affairs by the commissioner or the commissioner's representative;
(6) failed or refused to authorize and direct another person to permit the commissioner or the commissioner's representative to examine the credit union's records in the other person's custody after the commissioner has requested the authorization of and direction to the other person;
(7) conducted the credit union's business in an unsafe, unauthorized, or unlawful manner;
(8) concealed, destroyed, removed, or falsified a record related to the credit union's business and affairs;
(9) transacted business while the credit union was in an unsafe or unsound condition;
(10) violated a condition of the credit union's articles of incorporation or of a written agreement with the commissioner or the commission; or
(11) committed a criminal act that is a substantial detriment to the reputation and conduct of the credit union's business.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 27, eff. Sept. 1, 2003.

Structure Texas Statutes