The board of a capital stock association may declare and pay a dividend out of current or retained income, in cash or additional stock, to the holders of record of the stock outstanding on the date the dividend is declared.
Tex. Fin. Code § 62.158
DIVIDENDS ON CAPITAL STOCK
Known as the Texas Savings and Loan Act
The act spans §§ 61–89 (217 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.