Texas Finance Code

§ 66.309 — PAYMENT OF FINAL DIVIDEND

FI § 66.309Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 66. ENFORCEMENT AND REGULATION · Art. G. LIQUIDATION

Statute text

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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

…

Legislative history

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