Texas Finance Code 273.305 – Authorized Expenditures
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(a) The corporation may spend money from the administrative account for the usual business operations of the corporation.
(b) On the commissioner’s request, the corporation shall use money in the administrative account or primary account to:
(1) aid a member association under conservatorship; and
(2) rehabilitate a member association placed under conservatorship as authorized by law and minimize the chance the association will be liquidated.
Terms Used In Texas Finance Code 273.305
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) The total amount used to aid a member association under Subsection (b)(1) may not exceed the lesser of:
(1) 10 percent of the balance of the primary account; or
(2) 20 percent of the association’s assets.