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Texas Finance Code - FIN § 123.208. Dividends and Interest

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 123.208. Dividends and Interest - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-123-208/

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