Tex. Fin. Code § 126.403

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 126.403 - Winding Up of Credit Union Business

During the three-year period following cancellation of the credit union's certificate of incorporation, the credit union continues to exist and the liquidating agent, or a successor or other person designated by the commissioner, may act on the credit union's behalf to:

(1) pay, satisfy, or discharge an existing liability or obligation;

(2) collect and distribute assets; and

(3) act as required to adjust and wind up the credit union's business and affairs, including suing or being sued in the credit union's corporate name.

Tex. Fin. Code § 126.403

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.