Texas § 62.159 USE OF SURPLUS ACCOUNTS AND EXPENSE FUND CONTRIBUTIONS.

Texas Statutes

§ 62.159 — USE OF SURPLUS ACCOUNTS AND EXPENSE FUND CONTRIBUTIONS.

Texas § 62.159

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 62.159 (2026).

Text

Sec. 62.159. USE OF SURPLUS ACCOUNTS AND EXPENSE FUND CONTRIBUTIONS.

(a)At an association's closing date, the association may use all or part of a surplus account, whether earned or paid-in, or expense fund contributions on its books to:

(1)meet expenses of operating the association for the period just closed;

(2)make required transfers to loss reserves; or

(3)pay or credit dividends declared on savings accounts.

(b)Paid-in surplus may be used instead of earnings to pay organizational and operating expenses and dividends on savings accounts and to meet any loss reserve requirements.

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Sec. 62.159. USE OF SURPLUS ACCOUNTS AND EXPENSE FUND CONTRIBUTIONS. (a) At an association's closing date, the association may use all or part of a surplus account, whether earned or paid-in, or expense fund contributions on its books to:
(1) meet expenses of operating the association for the period just closed;
(2) make required transfers to loss reserves; or
(3) pay or credit dividends declared on savings accounts.
(b) Paid-in surplus may be used instead of earnings to pay organizational and operating expenses and dividends on savings accounts and to meet any loss reserve requirements.