Texas Statutes
Subchapter G. Liquidation
Section 96.309. Payment of Final Dividend

Sec. 96.309. PAYMENT OF FINAL DIVIDEND. (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.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

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