 |
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 C. OPERATIONS AND FINANCES |
Sec. 122.107. NOTICE OF AVAILABILITY OF CERTAIN DOCUMENTS
-
(a) A credit union regulated under this subtitle and Chapter 15 shall give notice to the credit union's members of the availability on request of a member of documents related to the credit union's finances and management, including:
(1) a summary of the most recent annual audit;
(2) the most recent statement of financial condition, such as nonconfidential pages of the quarterly call report provided under Section 122.101;
(3) a copy of IRS Form 990 or its successor; and
(4) any other documents that members are entitled to possess, as determined by the commission.
(b) The notice required by Subsection (a) must be given:
(1) on the credit union's Internet website if the credit union maintains a website; and
(2) in a newsletter twice a year if the credit union distributes a newsletter.
(c) The commission shall adopt reasonable rules to implement this section, including rules prescribing an alternative method for credit unions that do not maintain an Internet website or distribute a newsletter to provide their members with notice of the documents required by Subsection (a).