Texas § FI.122.105 - MEMBERSHIP SHARE REDUCTION
Full text of Texas The Texas Constitution § FI.122.105 — MEMBERSHIP SHARE REDUCTION, with citation guidance and answers to common questions.
§ FI.122.105. MEMBERSHIP SHARE REDUCTION
MEMBERSHIP SHARE REDUCTION. A credit union may order a reduction in the membership shares of each of its shareholders if: (1) the credit union's losses resulting from a depreciation in value of its loans or investments or otherwise exceed its undivided earnings and its reserves, and the estimated value of its assets is less than the total amount due the shareholders; (2) a majority vote of the credit union's members present at a meeting of members called for that purpose approve the reduction; and (3) the reduction divides the loss proportionately among the shareholders. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 25, eff. Sept. 1, 2003.
Frequently Asked Questions About Texas § FI.122.105
What does The Texas Constitution § FI.122.105 cover?
Section FI.122.105 ("MEMBERSHIP SHARE REDUCTION") 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.122.105?
A common citation format is "The Texas Constitution § FI.122.105" (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.122.105 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.