Texas Finance Code - FIN § 273.305. Authorized Expenditures
Current as of April 14, 2021 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) The corporation may spend money from the administrative account for the usual business operations of the corporation.
(b) On the commissioner's request, the corporation shall use money in the administrative account or primary account to:
(1) aid a member association under conservatorship; and
(2) rehabilitate a member association placed under conservatorship as authorized by law and minimize the chance the association will be liquidated.
(c) The total amount used to aid a member association under Subsection (b)(1) may not exceed the lesser of:
(1) 10 percent of the balance of the primary account; or
(2) 20 percent of the association's assets.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 273.305. Authorized Expenditures - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-273-305.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?