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TITLE 7 | BANKING AND SECURITIES |
PART 6 | CREDIT UNION DEPARTMENT |
CHAPTER 91 | CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS |
SUBCHAPTER O | TRUST POWERS |
RULE §91.6012 | Compensation, Gifts, and Bequests |
A credit union may not permit its directors, officers, or employees to retain any compensation for acting as co-fiduciary with the credit union in the administration of a fiduciary account, except with the specific approval of the board of directors. In addition, a credit union may not permit any fiduciary officer or employee to accept a bequest or gift of fiduciary assets, unless the bequest or gift is directed or made by a relative of the director, officer, or employee or is specifically approved by the board of directors. |
Source Note: The provisions of this §91.6012 adopted to be effective August 10, 2003, 28 TexReg 6270 |