Tex. Finance Code § 122.056
This is the official text of Tex. Finance Code § 122.056, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 122.056. HONORARY OR ADVISORY DIRECTORS.
Official statutory text
(a) The board may appoint not more than six individuals to serve at the board's pleasure as honorary or advisory directors to advise and consult with the board and otherwise aid the board in carrying out the board's duties and responsibilities.
(b) An honorary or advisory director:
(1) need not be eligible for membership in the credit union;
(2) is not a member of the board; and
(3) is not entitled to vote on a matter before the board.
(c) An honorary or advisory director may participate in any board deliberation. Except as otherwise provided by Section 125.402(d), an honorary or advisory director shall hold in confidence all information the director receives about a credit union during the director's service.
(b) An honorary or advisory director:
(1) need not be eligible for membership in the credit union;
(2) is not a member of the board; and
(3) is not entitled to vote on a matter before the board.
(c) An honorary or advisory director may participate in any board deliberation. Except as otherwise provided by Section 125.402(d), an honorary or advisory director shall hold in confidence all information the director receives about a credit union during the director's service.
Status: in_force · Read it on the official government site
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