123.208 – DIVIDENDS AND INTEREST. (a) A credit union may:
Texas Finance Code § 123.208
Summary
This law allows credit unions to declare dividends on shares, pay interest on deposits, and refund interest to borrowers. It also grants the board the authority to set rates and conditions for these payments, while the commissioner can impose restrictions to protect members' interests.
Credit unions can declare dividends and pay interest on deposits.
Board has authority to set rates and conditions for payments.
Commissioner can restrict payments to protect member interests.
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In simple terms: Learn about Texas's DIVIDENDS AND INTEREST. (a) A credit union may: law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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