{"data":{"id":"us-tx/tex.-finance-code-122.009","jurisdiction":"us-tx","citation":"Tex. Finance Code § 122.009","heading":"REQUIREMENTS FOR COMMENCING BUSINESS.","body":"(a) A credit union may not transact business or incur debt that is not incidental to its organization or to obtaining a subscription to or payment for its shares or deposits before it:\n(1) has received paid-in shares or deposits of at least $1,000;\n(2) has at least 100 members;\n(3) has fulfilled all agreements and conditions related to approval of an application for incorporation and issuance of a certificate of incorporation; and\n(4) has notified the department of its compliance with Subdivisions (1)-(3).\n(b) The commission may adopt reasonable rules to:\n(1) require greater minimum membership and paid-in shares or deposits; or\n(2) prescribe additional requirements a credit union must meet before transacting business or incurring indebtedness.\n(c) The commissioner may waive a requirement of this section or of a rule adopted under this section if the commissioner finds that the credit union:\n(1) does not have supervisory problems that adversely affect its ability to operate properly; and\n(2) is adequately capitalized.\nActs 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE D. CREDIT UNIONS","CHAPTER 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS","SUBCHAPTER A. INCORPORATION REQUIREMENTS"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.122.htm#122.009","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"9b134f0356850bb9050e2cfb491999ea2cc6b46c487c7f34e8288ae316a0d0fc","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-122.008","next":"us-tx/tex.-finance-code-122.010"},"notice":"GroundRules: Original legal text. Not legal advice."}