Texas Finance Code 126.353 – Conflict of Interest
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(a) The liquidating agent may not acquire an asset of the credit union in liquidation or purchase a loan of the credit union without the commissioner’s prior written approval.
(b) A liquidating agent may not obtain from the liquidation compensation or profit for:
(1) direct or indirect personal benefit;
(2) the benefit of a family member of or a person associated with the liquidating agent; or
(3) the benefit of a business enterprise with which the liquidating agent is associated, other than the credit union.
Terms Used In Texas Finance Code 126.353
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005