Tex. Finance Code § 122.061
This is the official text of Tex. Finance Code § 122.061, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 122.061. CONFLICTS OF INTEREST.
Official statutory text
(a) While serving as a director, honorary director, advisory director, committee member, officer, or employee of a credit union, a person may not:
(1) participate, directly or indirectly, in the deliberation on or determination of a question affecting the person's pecuniary interest or the pecuniary interest of a member of the person's immediate family or of a partnership, association, or corporation, other than the credit union, in which the person is directly or indirectly interested; or
(2) become employed by, engage in, or own an interest in a business or professional activity that the person could reasonably expect to:
(A) require or induce the person to disclose confidential information acquired because of the person's office or employment in the credit union; or
(B) impair the person's independence or judgment in the performance of the person's duties or responsibilities to the credit union.
(b) An interest only as a member of the credit union that is shared in common with all other members is not a pecuniary interest within the meaning of Subsection (a)(1).
(c) In this section, "member of a person's immediate family" means a person's spouse or another person living in the person's household.
(1) participate, directly or indirectly, in the deliberation on or determination of a question affecting the person's pecuniary interest or the pecuniary interest of a member of the person's immediate family or of a partnership, association, or corporation, other than the credit union, in which the person is directly or indirectly interested; or
(2) become employed by, engage in, or own an interest in a business or professional activity that the person could reasonably expect to:
(A) require or induce the person to disclose confidential information acquired because of the person's office or employment in the credit union; or
(B) impair the person's independence or judgment in the performance of the person's duties or responsibilities to the credit union.
(b) An interest only as a member of the credit union that is shared in common with all other members is not a pecuniary interest within the meaning of Subsection (a)(1).
(c) In this section, "member of a person's immediate family" means a person's spouse or another person living in the person's household.
Status: in_force · Read it on the official government site
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