Texas § FI.95.008 - REDEMPTION OF DEPOSIT ACCOUNT
Full text of Texas The Texas Constitution § FI.95.008 — REDEMPTION OF DEPOSIT ACCOUNT, with citation guidance and answers to common questions.
§ FI.95.008. REDEMPTION OF DEPOSIT ACCOUNT
REDEMPTION OF DEPOSIT ACCOUNT. (a) If no contractual prohibition exists, a savings bank may redeem in the manner the board determines all or part of its deposit accounts if the savings bank: (1) not later than the 31st day before the redemption date, gives notice of the redemption by certified mail to each affected account holder at the holder's last address as recorded on the books of the savings bank; and (2) not later than the redemption date, sets aside the amount necessary for the redemption and keeps the amount available for redemption. (b) Redemption of deposit accounts must be on a nondiscriminatory basis. (c) The redemption price of a deposit account is the withdrawal value of the account. (d) All rights, including the accrual of earnings, that relate to a deposit account called for redemption, other than the right of the account holder of record to receive the redemption price, terminate as of the redemption date. (e) A savings bank may not redeem any of its deposit accounts if the savings bank is subject to a supervisory control or conservatorship action under Chapter 96 , unless the commissioner directs the redemption. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.95.008
What does The Texas Constitution § FI.95.008 cover?
Section FI.95.008 ("REDEMPTION OF DEPOSIT ACCOUNT") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.95.008?
A common citation format is "The Texas Constitution § FI.95.008" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.95.008 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.