Sec. 273.207. REDEMPTION OF SECURITIES. (a) A member association that surrenders its membership, becomes ineligible for membership, or has its membership canceled may present any security of the corporation it holds for redemption. The corporation may defer redemption for not longer than three years and shall continue to pay interest or a dividend required under the terms of a security until the security is redeemed.
(b) When the balance of the administrative account exceeds 20 percent of the balance of the primary account, the corporation may begin a redemption plan of securities issued by the corporation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses
Chapter 273 - Savings and Loan Supplemental Fund Act
Subchapter C. Operation of Corporation
Section 273.201. Plan of Operation; Amendment
Section 273.202. Temporary Plan of Operation
Section 273.203. Powers of Corporation
Section 273.204. Conditions Under Which Corporation May Exercise Powers and Duties
Section 273.205. Consideration for Assistance
Section 273.206. Cancellation of Membership
Section 273.207. Redemption of Securities
Section 273.208. Immunity From Liability