| (a) The department shall give prompt notice to the
NCUA or other applicable insuring organization whenever the commissioner
through conservatorship takes possession of the property and assets
of a respective insured or participating credit union. The Department
shall give further prompt notice of the Commissioner's intent to liquidate
the property and assets of such insured or participating credit union.
(b) If the commissioner finds the liquidation of the
credit union's assets is prudent under the guidelines established
by Texas Finance Code §126.201, the insuring organization may
be appointed liquidating agent for the credit union.
(c) When any member's share or deposit account is paid,
the NCUA or, alternatively, the insuring organization shall be subrogated
to all rights of the member, up to the amount paid by the NCUA or
the insuring organization to such member.
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