Sec. 126.455. VOTE ON VOLUNTARY LIQUIDATION. At a special meeting called to consider the proposed liquidation, a majority of the credit union members voting, but not less than a quorum, may vote to dissolve and liquidate the credit union. Those members casting votes by mail or at the meeting constitute a quorum for the transaction of business at the special meeting, notwithstanding a bylaw provision to the contrary.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 53, eff. Sept. 1, 2003.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 24, eff. September 1, 2013.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 126 - Credit Union Supervision and Regulation
Subchapter J. Voluntary Liquidation
Section 126.451. Board Resolution
Section 126.452. Notification to Commissioner of Proposed Liquidation
Section 126.453. Notice of Meeting to Liquidate
Section 126.454. Credit Union Operations Before and After Vote
Section 126.455. Vote on Voluntary Liquidation
Section 126.456. Notice to Commissioner of Affirmative Vote to Liquidate
Section 126.457. Appointment of Liquidating Agent
Section 126.458. Application of Law to Credit Union in Voluntary Liquidation