Texas Finance Code - Section 65.012. Priority Of Accounts; Notice Of Withdrawal
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§ 65.012. PRIORITY OF ACCOUNTS; NOTICE OF
WITHDRAWAL. (a) An association's bylaws may provide that on
voluntary or involuntary liquidation, dissolution, or winding up of
the association, or in any other situation in which the priority of
savings accounts is in controversy, all savings accounts are, to
the extent of their withdrawal value, debts of the association
having the same priority as the claims of general creditors of the
association not having priority, other than a priority resulting
from consensual subordination, over claims of other general
creditors of the association.
(b) An association's bylaws may require not more than 60
days' notice before the date a withdrawal application may be paid.
(c) An association that requires notice of withdrawal and
does not pay a withdrawal application by the end of the notice
period is considered to be subject to supervisory control, a
conservatorship, or a receivership proceeding under Chapter 66.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 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 65.105 65.106
Last modified: August 10, 2007
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