Sec. 122.009.  REQUIREMENTS FOR COMMENCING BUSINESS.  (a)  A credit union may not transact business or incur debt that is not incidental to its organization or to obtaining a subscription to or payment for its shares or deposits before it:
(1)  has received paid-in shares or deposits of at least $1,000;
(2)  has at least 100 members;
(3)  has fulfilled all agreements and conditions related to approval of an application for incorporation and issuance of a certificate of incorporation;  and
(4)  has notified the department of its compliance with Subdivisions (1)-(3).
(b)  The commission may adopt reasonable rules to:
(1)  require greater minimum membership and paid-in shares or deposits;  or
(2)  prescribe additional requirements a credit union must meet before transacting business or incurring indebtedness.
(c)  The commissioner may waive a requirement of this section or of a rule adopted under this section if the commissioner finds that the credit union:
(1)  does not have supervisory problems that adversely affect its ability to operate properly;  and
(2)  is adequately capitalized.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.