Texas Statutes (Last Updated: January 4, 2014) |
FINANCE CODE |
Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
Subtitle D. CREDIT UNIONS |
Chapter 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS |
Subchapter B. ADMINISTRATION |
Sec. 122.061. CONFLICTS OF INTEREST
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(a) While serving as a director, honorary director, advisory director, committee member, officer, or employee of a credit union, a person may not:
(1) participate, directly or indirectly, in the deliberation on or determination of a question affecting the person's pecuniary interest or the pecuniary interest of a partnership, association, or corporation, other than the credit union, in which the person is directly or indirectly interested; or
(2) become employed by, engage in, or own an interest in a business or professional activity that the person could reasonably expect to:
(A) require or induce the person to disclose confidential information acquired because of the person's office or employment in the credit union; or
(B) impair the person's independence or judgment in the performance of the person's duties or responsibilities to the credit union.
(b) An interest only as a member of the credit union that is shared in common with all other members is not a pecuniary interest within the meaning of Subsection (a)(1).