Texas Statutes (Last Updated: January 4, 2014) |
FINANCE CODE |
Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
Subtitle D. CREDIT UNIONS |
Chapter 123. GENERAL POWERS |
Subchapter C. FINANCIAL POWERS |
Sec. 123.207. FIDUCIARY POWERS
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A credit union may:
(1) act, under court order or appointment, as guardian, receiver, trustee, executor, or administrator without giving bond;
(2) receive an investment from a person acting as a guardian, receiver, trustee, executor, or administrator under the Texas Probate Code or Subtitle B, Title 9, Property Code;
(3) act as depository for money paid to a court or constituting the estate of a deceased person, a minor, or an incompetent;
(4) accept, execute, and administer a trust as trustee;
(5) accept funds or money for deposit by a fiduciary, trustee, receiver, guardian, executor, or administrator; or
(6) act as custodian or trustee of a pension or profit-sharing plan, including an individual retirement account or a pension fund of a self-employed individual or of the sponsor of a credit union.