Texas § 122.059 DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY.

Texas Statutes

§ 122.059 — DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY.

Texas § 122.059

Code FIFinance Code

This text of Texas § 122.059 (DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 122.059 (2026).

Text

Sec. 122.059. DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY.

(a)Without written approval of the commissioner, a credit union may not:

(1)contract with an individual who is not an officer, director, or employee of the credit union or with an organization for the provision of the management of the credit union; or

(2)delegate to an individual who is not an officer, director, or employee of the credit union or to an organization the authority to manage the credit union.

(b)The board may delegate all or part of its power to approve or disapprove a loan to a credit committee, one or more other committees, or one or more individuals.

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Sec. 122.059. DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY. (a) Without written approval of the commissioner, a credit union may not:
(1) contract with an individual who is not an officer, director, or employee of the credit union or with an organization for the provision of the management of the credit union; or
(2) delegate to an individual who is not an officer, director, or employee of the credit union or to an organization the authority to manage the credit union.
(b) The board may delegate all or part of its power to approve or disapprove a loan to a credit committee, one or more other committees, or one or more individuals.