Texas Finance Code

§ 273.305 — AUTHORIZED EXPENDITURES

FI § 273.305Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 273. SAVINGS AND LOAN SUPPLEMENTAL FUND ACT · Art. D. PRIMARY AND ADMINISTRATIVE ACCOUNTS; ISSUANCE OF SECURITIES

Statute text

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(a)The corporation may spend money from the administrative account for the usual business operations of the corporation.

(b)On the commissioner's request, the corporation shall use money in the administrative account or primary account to:

(1)aid a member association under conservatorship; and

(2)rehabilitate a member association placed under conservatorship as authorized by law and minimize the chance the association will be liquidated.

(c)The total amount used to aid a member association under Subsection (b)(1) may not exceed the lesser of:

(1)10 percent of the balance of the primary account; or

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Legislative history

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