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RULE §91.6010 Custody of Fiduciary Assets

Published: 2015

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(a) A credit union shall place assets of fiduciary accounts in the joint custody or control of not fewer than two the fiduciary officers or employees designated for that purpose by the board of directors. (b) A credit union shall keep assets of fiduciary accounts separate from the assets of the credit union. Except as otherwise authorized by applicable law and as may be in the best interests of the beneficiaries of the fiduciary account, a credit union shall keep assets of each fiduciary account separate from all other accounts.

Source Note: The provisions of this §91.6010 adopted to be effective August 10, 2003, 28 TexReg 6270