Header:
TEXAS ADMINISTRATIVE CODE
TITLE 7. BANKING AND SECURITIES
PART 6. CREDIT UNION DEPARTMENT
CHAPTER 91. CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS
SUBCHAPTER N. EMERGENCY OR PERMANENT CLOSING OF OFFICE OR OPERATION
Date:
08/31/2009
Document:
7 TAC § 91.5001 (2011)
§ 91.5001. Emergency Closing
(a) If the officer in charge of a credit union determines that an emergency that affects or may affect one or more of the credit union's offices or operations exists or is impending, the officer may determine:
(1) not to conduct the involved operations or open the offices on any normal business day of the credit union until the emergency has passed; or
(2) if the credit union is open, to close the offices or the involved operations for the duration of the emergency.
(b) Subject to subsection (c) of this section, a closed office or operation may remain closed until the officers determine that the emergency has ended and for any additional time reasonably required to reopen.
(c) A credit union that closes an office or operation under this section shall notify the commissioner of its action by any means available and as promptly as conditions permit. An office or operation may not be closed for more than three consecutive days, excluding days on which the credit union is customarily closed, without the commissioner's written approval.
(d) Each credit union shall maintain on file with the department a report of emergency contact information pertaining to its officers, directors, and committee members in such form as the commissioner may prescribe.
(e) In this chapter, the following words and terms shall have the following meanings:
(1) Emergency--means a condition or occurrence that physically interferes with the conduct of normal business at the offices of a credit union or of a particular credit union operation or that poses an imminent or existing threat to the safety or security of persons, property, or both. The term includes a condition or occurrence arising from:
(A) fire, flood, earthquake, hurricane, tornado, or wind, rain, ice or snow storm;
(B) labor dispute or strike;
(C) disruption or failure of utilities, transportation, communication or information systems and any applicable backup systems;
(D) shortage of fuel, housing, food, transportation, or labor;
(E) robbery, burglary, or attempted robbery or burglary;
(F) epidemic or other catastrophe; or
(G) riot, civil commotion, enemy attack, or other actual or threatened act of lawlessness or violence.
(2) Officer in charge--means the president of the credit union, or a person designated by the president, who shall have the authority to take all necessary and appropriate actions to deal appropriately with the emergency. The president of a credit union shall always have an individual designated as an officer in charge during his/her absence or unavailability.
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