Sec. 126.103. EFFECT OF ORDER. Following service of a conservatorship order:
(1) the commissioner shall take possession and control of the credit union's books, records, property, assets, and business; and
(2) the credit union shall cease all operations except those authorized by the commissioner and conducted under the commissioner's supervision.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 126 - Credit Union Supervision and Regulation
Subchapter C. Conservatorship Order
Section 126.101. Conservatorship Order; Appointment of Conservator
Section 126.102. Service of Order
Section 126.103. Effect of Order
Section 126.105. Appeal of Order; Hearing
Section 126.106. Failure to Appeal or Appear