Texas Finance Code

§ 65.003 — SAVINGS CONTRACT

FI § 65.003Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 65. SAVINGS ACCOUNTS · Art. A. GENERAL PROVISIONS

Statute text

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(a)Each holder of a savings account must execute a savings contract. The contract must specify:

(1)any special terms applicable to the account; and

(2)the conditions on which withdrawals may be made.

(b)The association shall hold a savings contract in the records pertaining to the account.

(c)A savings contract pertaining to a savings account of a public or governmental entity must provide that the holder of the account may not become a member of the association.

Legislative history

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