Texas Finance Code - Section 65.010. Redemption Of Savings Account
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§ 65.010. REDEMPTION OF SAVINGS ACCOUNT. (a) An
association may redeem in the manner the board determines all or
part of its savings accounts if the association:
(1) redeems the accounts on a dividend date;
(2) not later than the 31st day before the redemption
date, gives notice of the redemption by certified mail to each
affected account holder at the holder's last address as recorded on
the books of the association; and
(3) not later than the redemption date, sets aside the
amount necessary for the redemption and keeps the amount available
for redemption.
(b) The redemption price of a savings account is the
withdrawal value of the account.
(c) All rights, including the accrual of earnings, that
relate to a deposit account called for redemption, other than the
right of the account holder of record to receive the redemption
price, terminate as of the redemption date.
(d) An association may not redeem any of its savings
accounts if the association:
(1) is subject to supervisory control, a
conservatorship, or a receivership action under Chapter 66, unless
the commissioner directs the redemption; or
(2) has applications for withdrawal that have been on
file for more than 30 days and have not been paid.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 65.104
Last modified: August 10, 2007
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