Texas Finance Code - Section 92.211. Dividends On Capital Stock
Legal Research Home >
Texas Lawyer > Finance Code > Texas Finance Code - Section 92.211. Dividends On Capital Stock
§ 92.211. DIVIDENDS ON CAPITAL STOCK. (a) The board of a
capital stock savings bank may declare and pay a dividend out of
current or retained income, in cash or additional stock, to the
holders of record of the stock outstanding on the date the dividend
is declared.
(b) Without the prior approval of the commissioner, a cash
dividend may not be declared by the board of a savings bank that the
commissioner considers:
(1) to be in an unsafe condition; or
(2) to have less than zero total retained income on the
date of the dividend declaration.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2005, 79th Leg., ch. 1018, § 5.10, eff. Sept. 1, 2005.
Section: 92.204 92.205 92.206 92.207 92.208 92.209 92.210 92.211 92.212 92.213 92.251 92.252 92.253 92.254 92.255
Last modified: August 10, 2007
|
