Texas § 96.309 PAYMENT OF FINAL DIVIDEND.

Texas Statutes

§ 96.309 — PAYMENT OF FINAL DIVIDEND.

Texas § 96.309

Code FIFinance Code

This text of Texas § 96.309 (PAYMENT OF FINAL DIVIDEND.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 96.309 (2026).

Text

Sec. 96.309. PAYMENT OF FINAL DIVIDEND.

(a)The liquidating agent may not pay a final dividend before the first day of the 19th month after the date notice is first published under Section 96.304 .

(b)The liquidating agent shall declare and pay a final dividend after:

(1)the prohibitory period prescribed by Subsection (a) expires; and

(2)the liquidating agent liquidates each asset of the savings bank capable of being liquidated or receives sufficient money from the liquidation to:

(A)pay the costs of liquidation;

(B)pay all claims that have been presented and approved; and

(C)leave money available to pay all nonclaiming deposit account holders and creditors of the savings bank.

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Sec. 96.309. PAYMENT OF FINAL DIVIDEND. (a) The liquidating agent may not pay a final dividend before the first day of the 19th month after the date notice is first published under Section 96.304 .
(b) The liquidating agent shall declare and pay a final dividend after:
(1) the prohibitory period prescribed by Subsection (a) expires; and
(2) the liquidating agent liquidates each asset of the savings bank capable of being liquidated or receives sufficient money from the liquidation to:
(A) pay the costs of liquidation;
(B) pay all claims that have been presented and approved; and
(C) leave money available to pay all nonclaiming deposit account holders and creditors of the savings bank.