Conflict of Interest

Sec. 126.353. CONFLICT OF INTEREST. (a) The liquidating agent may not acquire an asset of the credit union in liquidation or purchase a loan of the credit union without the commissioner's prior written approval. (b) A liquidating agent may not obtain from the liquidation compensation or profit for: (1) direct or indirect personal benefit; (2) the benefit of a family member of or a person associated with the liquidating agent; or (3) the benefit of a business enterprise with which the liquidating agent is associated, other than the credit union. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.