Texas § FI.122.009 - REQUIREMENTS FOR COMMENCING BUSINESS
Full text of Texas The Texas Constitution § FI.122.009 — REQUIREMENTS FOR COMMENCING BUSINESS, with citation guidance and answers to common questions.
§ FI.122.009. REQUIREMENTS FOR COMMENCING BUSINESS
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. Sept. 1, 1997.
Frequently Asked Questions About Texas § FI.122.009
What does The Texas Constitution § FI.122.009 cover?
Section FI.122.009 ("REQUIREMENTS FOR COMMENCING BUSINESS") 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.122.009?
A common citation format is "The Texas Constitution § FI.122.009" (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.122.009 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.