Texas Finance Code 122.059 – Delegation of Management and Loan Approval Authority
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(a) Without written approval of the commissioner, a credit union may not:
(1) contract with an individual who is not an officer, director, or employee of the credit union or with an organization for the provision of the management of the credit union; or
(2) delegate to an individual who is not an officer, director, or employee of the credit union or to an organization the authority to manage the credit union.
(b) The board may delegate all or part of its power to approve or disapprove a loan to a credit committee, one or more other committees, or one or more individuals.
Terms Used In Texas Finance Code 122.059
- Contract: A legal written agreement that becomes binding when signed.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005