Texas § FI.122.153 - DECISION BY COMMISSIONER
Full text of Texas The Texas Constitution § FI.122.153 — DECISION BY COMMISSIONER, with citation guidance and answers to common questions.
§ FI.122.153. DECISION BY COMMISSIONER
DECISION BY COMMISSIONER; APPEAL. (a) Subject to Subsection (b), on approving the merger or consolidation, the commissioner shall return the certificates and plan to the merging or consolidating credit unions. (b) The commissioner may conditionally approve a merger or consolidation. If approval is conditional, the commissioner: (1) shall state the condition in the order approving the merger or consolidation; and (2) may not deliver the approved certificate until the condition has been met. (c) Notwithstanding any other law, the commissioner may authorize a credit union that is insolvent or is in danger of insolvency to merge or consolidate with another credit union or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities of, another credit union that is insolvent or in danger of insolvency if the commissioner is satisfied that: (1) an emergency requiring expeditious action exists with respect to the credit union that is insolvent or in danger of insolvency; (2) another option is not reasonably available; and (3) the public interest would best be served by approval of the merger, consolidation, purchase, or assumption. (d) If the commissioner disapproves the merger or consolidation or imposes a condition, the merging or consolidating credit unions may appeal the commissioner's decision to the commission in the manner provided by Section 122.007 for an appeal on an application to incorporate a credit union. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Frequently Asked Questions About Texas § FI.122.153
What does The Texas Constitution § FI.122.153 cover?
Section FI.122.153 ("DECISION BY COMMISSIONER") 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.122.153?
A common citation format is "The Texas Constitution § FI.122.153" (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.122.153 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.