Texas § 126.457 APPOINTMENT OF LIQUIDATING AGENT.

Texas Statutes

§ 126.457 — APPOINTMENT OF LIQUIDATING AGENT.

Texas § 126.457

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 126.457 (2026).

Text

Sec. 126.457. APPOINTMENT OF LIQUIDATING AGENT.

(a)If the members approve the liquidation, the board shall appoint a liquidating agent to:

(1)conserve and collect the credit union's assets;

(2)wind up the credit union's affairs;

(3)discharge the credit union's debts;

(4)distribute the credit union's assets; and

(5)take any other action necessary and incidental to liquidating the credit union.

(b)The National Credit Union Administration or other insuring organization has the right of first refusal to be appointed as liquidating agent of any credit union that it insures.

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Sec. 126.457. APPOINTMENT OF LIQUIDATING AGENT. (a) If the members approve the liquidation, the board shall appoint a liquidating agent to:
(1) conserve and collect the credit union's assets;
(2) wind up the credit union's affairs;
(3) discharge the credit union's debts;
(4) distribute the credit union's assets; and
(5) take any other action necessary and incidental to liquidating the credit union.
(b) The National Credit Union Administration or other insuring organization has the right of first refusal to be appointed as liquidating agent of any credit union that it insures.