Texas § FI.126.201 - LIQUIDATION ORDER
Full text of Texas The Texas Constitution § FI.126.201 — LIQUIDATION ORDER, with citation guidance and answers to common questions.
§ FI.126.201. LIQUIDATION ORDER
LIQUIDATION ORDER; APPOINTMENT OF LIQUIDATING AGENT. (a) After the commissioner has issued a conservatorship order and provided an opportunity for hearing, the commissioner by liquidation order may appoint a liquidating agent and direct that the credit union be liquidated if: (1) the board requests issuance of a liquidation order and liquidation of the credit union; (2) the credit union otherwise consents to the liquidation; or (3) the commissioner: (A) finds that the closing of the credit union and the liquidation of the credit union's assets are in the public interest and the best interest of the credit union's members, depositors, and creditors; and (B) determines that the credit union is not in a condition to continue business and cannot be rehabilitated as provided by this chapter. (b) If the board consents to the liquidation order and waives the necessity of a conservatorship order, the commissioner may issue a liquidation order without first issuing a conservatorship order. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244 ), Sec. 23, eff. September 1, 2013.
Frequently Asked Questions About Texas § FI.126.201
What does The Texas Constitution § FI.126.201 cover?
Section FI.126.201 ("LIQUIDATION ORDER") 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.126.201?
A common citation format is "The Texas Constitution § FI.126.201" (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.126.201 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.