Section 122.009 - Requirements for Commencing Business(a) A credit union may not transact business or incur debt that is not incidental to its organization or to obtaining a subscription to or payment for its shares or deposits before it:(1) has received paid-in shares or deposits of at least $1,000;(2) has at least 100 members;(3) has fulfilled all agreements and conditions related to approval of an application for incorporation and issuance of a certificate of incorporation; and(4) has notified the department of its compliance with Subdivisions (1)-(3).(b) The commission may adopt reasonable rules to:(1) require greater minimum membership and paid-in shares or deposits; or(2) prescribe additional requirements a credit union must meet before transacting business or incurring indebtedness.(c) The commissioner may waive a requirement of this section or of a rule adopted under this section if the commissioner finds that the credit union:(1) does not have supervisory problems that adversely affect its ability to operate properly; and(2) is adequately capitalized. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.