Tex. Finance Code § 123.208
This is the official text of Tex. Finance Code § 123.208, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 123.208. DIVIDENDS AND INTEREST.
Official statutory text
(a) A credit union may:
(1) declare and pay a dividend on a share;
(2) contract for and pay interest on a deposit; or
(3) refund interest to a borrower.
(b) A dividend or interest may be paid at a rate and on the conditions that the board authorizes.
(c) The commissioner may restrict the payment of a dividend:
(1) if the commissioner issues a cease and desist order under Section 122.257; or
(2) as necessary to protect the member's interests and preserve the solvency of the credit union as authorized by commission rule.
(1) declare and pay a dividend on a share;
(2) contract for and pay interest on a deposit; or
(3) refund interest to a borrower.
(b) A dividend or interest may be paid at a rate and on the conditions that the board authorizes.
(c) The commissioner may restrict the payment of a dividend:
(1) if the commissioner issues a cease and desist order under Section 122.257; or
(2) as necessary to protect the member's interests and preserve the solvency of the credit union as authorized by commission rule.
Status: in_force · Read it on the official government site
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