Tex. Finance Code § 96.309
This is the official text of Tex. Finance Code § 96.309, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 96.309. PAYMENT OF FINAL DIVIDEND.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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