Texas Finance Code - Section 65.009. Interest Or Dividends Paid On Accounts
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Texas Lawyer > Finance Code > Texas Finance Code - Section 65.009. Interest Or Dividends Paid On Accounts
§ 65.009. INTEREST OR DIVIDENDS PAID ON ACCOUNTS. (a) An
association whose bylaws contain the provision authorized by
Section 65.012 may contract to pay interest on savings accounts.
(b) An association whose bylaws do not contain the provision
authorized by Section 65.012 may pay earnings on savings accounts
in the form of dividends declared by the association's board.
(c) An association shall compute and pay interest and
dividends according to rules of the finance commission.
(d) An association shall credit a dividend to a savings
account on the association's books unless the account holder
requests and the association has agreed that the association will
pay dividends on the account in cash.
(e) An association may pay a cash dividend by check or bank
draft.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 867, § 30, eff. Sept. 1, 2001.
Section: 65.002 65.003 65.004 65.005 65.006 65.007 65.008 65.009 65.010 65.011 65.012 65.013 65.101 65.102 65.103
Last modified: August 10, 2007
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