Sec. 92.605. WITHDRAWAL OR REDUCTION OF MEMBER'S CONTRIBUTION. (a) A member may not receive from a limited savings bank any part of the member's contribution except as provided by rule adopted by the finance commission regulating withdrawal or reduction.
(b) A member may not receive any part of the member's contribution if, after the withdrawal or reduction, the capital of the savings bank would be reduced to less than the minimum capital established for the incorporation or operation of a savings bank by this subtitle or a rule adopted under this subtitle.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 92 - Organizational and Financial Requirements
Subchapter M. Limited Savings Bank
Section 92.601. Application to Organize
Section 92.602. Liability of Members and Managers
Section 92.604. Managers of Limited Savings Bank
Section 92.605. Withdrawal or Reduction of Member's Contribution
Section 92.606. Company Agreement of Limited Savings Bank
Section 92.608. Allocation of Profits and Losses
Section 92.610. Amendment of Governing Documents
Section 92.611. Application of Other Provisions to Limited Savings Banks; Miscellaneous Provisions