Tex. Fin. Code Section 65.009
Interest or Dividends Paid on Accounts

(a)

An association whose bylaws contain the provision authorized by Section 65.012 (Priority of Accounts; Notice of Withdrawal) may contract to pay interest on savings accounts.

(b)

An association whose bylaws do not contain the provision authorized by Section 65.012 (Priority of Accounts; Notice of Withdrawal) may pay earnings on savings accounts in the form of dividends declared by the association’s board.

(c)

An association shall compute and pay interest and dividends according to rules of the finance commission.

(d)

An association shall credit a dividend to a savings account on the association’s books unless the account holder requests and the association has agreed that the association will pay dividends on the account in cash.

(e)

An association may pay a cash dividend by check or bank draft.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 30, eff. Sept. 1, 2001.

Source: Section 65.009 — Interest or Dividends Paid on Accounts, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­65.­htm#65.­009 (accessed May 11, 2024).

Green check means up to date. Up to date

Accessed:
May 11, 2024

§ 65.009’s source at texas​.gov