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Texas Finance Code - FIN § 96.309. Payment of Final Dividend

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

(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.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 96.309. Payment of Final Dividend - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-96-309/

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