A credit union must conduct trust operations in accordance with applicable law and must exercise fiduciary powers in a safe and sound manner. All fiduciary activities shall be under the direction of the credit union's board of directors. In carrying out its responsibilities, the board may assign, by action duly entered in the minutes, any function related to the exercise of fiduciary powers to any director, officer, employee, or committee thereof.

Source Note: The provisions of this §91.6001 adopted to be effective August 10, 2003, 28 TexReg 6270; amended to be effective May 31, 2020, 45 TexReg 3437