Texas § FI.122.102 - FINANCIAL REPORTING
Full text of Texas The Texas Constitution § FI.122.102 — FINANCIAL REPORTING, with citation guidance and answers to common questions.
§ FI.122.102. FINANCIAL REPORTING
FINANCIAL REPORTING; AUDITS. (a) A credit union shall use the financial reporting forms and observe the accounting principles prescribed by the commission. (b) The board shall: (1) make a comprehensive annual audit of the credit union's books and affairs, in accordance with established principles and commission rules; (2) submit a summary of the audit report to the credit union's members at the next annual meeting; and (3) make a supplementary audit or examination as the board considers necessary or the commissioner requires. (c) The commission by rule may require a verification of members' accounts with the credit union's records. (d) If the commissioner, by examination or other credible evidence, finds that the board is not complying with this section or a rule adopted under this section, the commissioner may appoint an independent person from outside the credit union and its members to perform an audit. The credit union shall pay the cost of the audit. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Frequently Asked Questions About Texas § FI.122.102
What does The Texas Constitution § FI.122.102 cover?
Section FI.122.102 ("FINANCIAL REPORTING") 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.122.102?
A common citation format is "The Texas Constitution § FI.122.102" (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.122.102 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.