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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) At a savings bank's closing date, the savings bank may use all or part of a surplus account, whether earned or paid in, or expense fund contributions on its books to:
(1) meet expenses of operating the savings bank for the period just closed;
(2) make required transfers to loss reserves; or
(3) pay or credit earnings on deposit accounts.
(b) Paid-in surplus may be used instead of earnings to pay organizational and operating expenses and earnings on deposit accounts and to meet any loss reserve requirements.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 92.212. Use of Surplus Accounts and Expense Fund Contributions - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-92-212/
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 before relying on it for your legal needs.
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