Texas Finance Code

§ 123.208 — DIVIDENDS AND INTEREST

FI § 123.208Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 123. GENERAL POWERS · Art. C. FINANCIAL POWERS

(a)A credit union may:

(1)declare and pay a dividend on a share;

(2)contract for and pay interest on a deposit; or

(3)refund interest to a borrower.

(b)A dividend or interest may be paid at a rate and on the conditions that the board authorizes.

(c)The commissioner may restrict the payment of a dividend:

…

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.