Texas Statutes (Last Updated: January 4, 2014) |
FINANCE CODE |
Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
Subtitle B. SAVINGS AND LOAN ASSOCIATIONS |
Chapter 66. ENFORCEMENT AND REGULATION |
Subchapter G. LIQUIDATION |
Sec. 66.309. PAYMENT OF FINAL DIVIDEND
Latest version.
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(a) The liquidating agent may not pay a final dividend before the first day of the 19th month after the date notice is first published under Section 66.304.
(b) The liquidating agent shall declare and pay a final dividend after:
(1) the period provided by Subsection (a) expires; and
(2) the liquidating agent liquidates each asset of the association capable of being liquidated or receives sufficient money from the liquidation to:
(A) pay the costs of the liquidation;
(B) pay all claims that have been presented and established; and
(C) leave money available to pay all nonclaiming depositors and creditors of the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.