Tex. Finance Code § 122.053
This is the official text of Tex. Finance Code § 122.053, part of Texas’s Finance Code — regulates banks and other financial institutions.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§ 122.053. BOARD OF DIRECTORS; TERMS AND DUTIES.
Official statutory text
(a) A board of at least five members shall direct the business and affairs of a credit union.
(b) The membership of the credit union shall elect the board at an annual membership meeting, from the membership, and in the manner provided by the bylaws. A board member shall hold office until a successor is qualified and elected or appointed.
(c) A director shall take and subscribe to an oath or affirmation that the director:
(1) will diligently and honestly perform the director's duties in administering the credit union's affairs;
(2) although the director may delegate the performance of those duties, remains responsible for the performance of the duties;
(3) will not knowingly violate or willingly permit the violation of an applicable law; and
(4) will exercise the care and diligence reasonable and necessary to administer the affairs of the credit union in a safe and sound manner.
(d) The bylaws shall prescribe the directors' terms and the board's duties. A term may not exceed three years. A director may serve more than one term.
(e) The board shall meet at least once each month.
(f) A director may not vote by proxy. A director may participate in and act at any meeting of the board by means of electronic communications equipment through which all persons participating in the meeting can communicate with each other. Participation in a meeting in the manner authorized by this subsection constitutes attendance at a meeting.
(b) The membership of the credit union shall elect the board at an annual membership meeting, from the membership, and in the manner provided by the bylaws. A board member shall hold office until a successor is qualified and elected or appointed.
(c) A director shall take and subscribe to an oath or affirmation that the director:
(1) will diligently and honestly perform the director's duties in administering the credit union's affairs;
(2) although the director may delegate the performance of those duties, remains responsible for the performance of the duties;
(3) will not knowingly violate or willingly permit the violation of an applicable law; and
(4) will exercise the care and diligence reasonable and necessary to administer the affairs of the credit union in a safe and sound manner.
(d) The bylaws shall prescribe the directors' terms and the board's duties. A term may not exceed three years. A director may serve more than one term.
(e) The board shall meet at least once each month.
(f) A director may not vote by proxy. A director may participate in and act at any meeting of the board by means of electronic communications equipment through which all persons participating in the meeting can communicate with each other. Participation in a meeting in the manner authorized by this subsection constitutes attendance at a meeting.
Status: in_force · Read it on the official government site
Need a lawyer in Texas?
Find a Texas lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.