Tex. Fin. Code § 65.010 · Subchapter A. GENERAL PROVISIONS
REDEMPTION OF SAVINGS ACCOUNT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An association may redeem in the manner the board determines all or part of its savings accounts if the association:
(1) redeems the accounts on a dividend date;
(2) not later than the 31st day before the redemption date, gives notice of the redemption by certified mail to each affected account holder at the holder's last address as recorded on the books of the association; and
(3) not later than the redemption date, sets aside the amount necessary for the redemption and keeps the amount available for redemption.
(b) The redemption price of a savings account is the withdrawal value of the account.
(c) All rights, including the accrual of earnings, that relate to a deposit account called for redemption, other than the right of the account holder of record to receive the redemption price, terminate as of the redemption date.
(d) An association may not redeem any of its savings accounts if the association:
(1) is subject to supervisory control, a conservatorship, or a receivership action under Chapter 66, unless the commissioner directs the redemption; or
(2) has applications for withdrawal that have been on file for more than 30 days and have not been paid.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.65.htm
- Text hash
- sha256 ceefdfb4a4d5721aba85bd2ac179a6cc59ff15f4bce5b04cde390b8a35d0b4fc
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.