Tex. Finance Code § 122.104
This is the official text of Tex. Finance Code § 122.104, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 122.104. NET WORTH RESERVE ALLOCATIONS.
Official statutory text
(a) The commission by rule shall require a credit union to contribute to and maintain net worth reserves necessary to protect the interests of its members. The rule may:
(1) prescribe the purposes for which the net worth reserves may be used; and
(2) authorize the commissioner to approve other uses.
(b) The credit union's board may establish reserves in addition to the required net worth reserves.
(1) prescribe the purposes for which the net worth reserves may be used; and
(2) authorize the commissioner to approve other uses.
(b) The credit union's board may establish reserves in addition to the required net worth reserves.
Status: in_force · Read it on the official government site
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