Texas § FI.122.059 - DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY
Full text of Texas The Texas Constitution § FI.122.059 — DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY, with citation guidance and answers to common questions.
§ FI.122.059. DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY
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. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 20, eff. Sept. 1, 2003.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.122.059
What does The Texas Constitution § FI.122.059 cover?
Section FI.122.059 ("DELEGATION OF MANAGEMENT AND LOAN APPROVAL AUTHORITY") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.122.059?
A common citation format is "The Texas Constitution § FI.122.059" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.122.059 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.