Texas Finance Code 126.351 – Removal of Liquidating Agent
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(a) On finding that the liquidating agent has failed to properly perform the liquidating agent’s duties in a timely and efficient manner or has violated this subtitle or a rule adopted under this subtitle, the commissioner by removal order may take possession and control of the books, records, property, assets, and business of the credit union.
(b) The removal order must:
(1) remove the liquidating agent and appoint a successor liquidating agent to complete the liquidation and the winding up of the credit union’s affairs subject to the commissioner’s supervision and control; and
(2) be served on the liquidating agent being removed.
Terms Used In Texas Finance Code 126.351
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Texas Government Code 311.005
- Rule: includes regulation. See Texas Government Code 311.005
(c) The removal order takes effect immediately on service.