| (3) Payments must be made to members promptly after
the pro rata distribution has been computed. The credit union may
mail a check to the member's last known address, deliver the check
personally to the member, or make the payment by wire or any other
electronic means authorized by the member.
(4) Unclaimed share/deposit accounts, unpaid claims,
and unpaid claims of members or creditors who failed to cash their
final distribution checks shall be escheated in accordance with Texas
laws.
(5) The Department shall be notified in writing within
five days after the final distribution of assets to the members begins.
(h) Economic benefit. No director or senior management
employee may receive any economic benefit in connection with the voluntary
liquidation of the credit union other than compensation and other
benefits paid to directors and senior management employees in the
ordinary course of business.
(i) Continued supervision of voluntary liquidation.
(1) A voluntary liquidation of a credit union shall
be conducted only with the continued supervision of the Department.
The commissioner may conduct any examinations of the credit union
the commissioner considers necessary or appropriate.
(2) The credit union shall submit a report to the Department
within 10 business days after the start of liquidation showing the
credit union's balance sheet as of the start of liquidation. The liquidating
credit union shall submit a report of progress as requested by the
Department.
(3) If the commissioner has reason to conclude the
voluntary liquidation of a credit union is not being safely or expeditiously
conducted, or is being conducted in violation of this section, the
commissioner may take possession of the business and property of the
credit union in the same manner, with the same effect, and subject
to the same rights accorded the credit union as if the commissioner
had issued a liquidation order. The commissioner may appoint a new
liquidating agent and proceed to liquidate the affairs of the credit
union as provided in the Finance Code, Title 3, Subtitle D, Subchapter
E.
(j) Retention of records.
(1) The board of directors shall appoint a custodian
for the credit union's records that are to be retained after the final
distribution of assets.
(2) The custodian shall retain all records of the liquidating
credit union that are necessary to establish that the credit union
paid creditors, and distributed assets to the members fairly and equitably
in accordance with the approved liquidation plan. The custodian shall
retain the records for a period of five years following the date the
Department cancels the credit union's charter.
(k) Certificate of dissolution and liquidation. Within
120 days after the credit union begins final distribution of assets
to members, it shall file with the Department a duly executed Certificate
of Dissolution and Liquidation.
(l) Inquiries after liquidation. It will be the responsibility
of the custodian for the credit union's records to respond timely
to inquiries after liquidation.
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