Texas Finance Code - Section 33.101. Voting Securities Held By Bank
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§ 33.101. VOTING SECURITIES HELD BY BANK. (a) Voting
securities of a state bank held by the bank in a fiduciary capacity
under a will or trust, whether registered in the bank's name or in
the name of its nominee, may not be voted in the election of
directors or managers or on a matter affecting the compensation of
directors, managers, officers, or employees of the bank in that
capacity unless:
(1) under the terms of the will or trust, the manner in
which the voting securities are to be voted may be determined by a
donor or beneficiary of the will or trust and the donor or
beneficiary makes the determination in the matter at issue;
(2) the terms of the will or trust expressly direct the
manner in which the securities must be voted so that discretion is
not vested in the bank as fiduciary; or
(3) the securities are voted solely by a cofiduciary
that is not an affiliate of the bank, as if the cofiduciary were the
sole fiduciary.
(b) Voting securities of a state bank that cannot be voted
under this section are considered to be authorized but unissued for
purposes of determining the procedures for and results of the
affected vote.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 33.001 33.002 33.003 33.004 33.005 33.006 33.007 33.101 33.102 33.103 33.104 33.105 33.106 33.107 33.108
Last modified: August 10, 2007
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