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State Law
Federal Law
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Texas Finance Code - Chapter 183 Ownership And Management Of State Trust CompanyLegal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Chapter 183 Ownership And Management Of State Trust Company (a) Except as expressly permitted by this subtitle, without the prior written approval of the banking commissioner a person may not directly or indirectly acquire ... (a) The transferee in an acquisition of control of a state trust company or of a person that controls a state trust company must file ... (a) Not later than the 60th day after the date the notice is published, the banking commissioner shall approve the application or set the application ... (a) If a hearing has been held, the banking commissioner has entered an order denying the application, and the order has become final, the transferee ... This subchapter does not prevent the banking commissioner from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that ... (a) If the banking commissioner believes that a person has violated or is about to violate this subchapter or a rule or order of the ... (a) Voting securities of a state trust company held by the state trust company in a fiduciary capacity under a will or trust, whether registered ... Except as provided by Section 183.207, each state trust company shall adopt bylaws and may amend its bylaws from time to time for the purposes ... (a) The board of a state trust company must consist of not fewer than five or more than 25 directors, managers, or managing participants, the ... An advisory director or advisory manager is not considered to be a director if the advisory director or advisory manager: (1) is not elected by ... (a) The board of a state trust company shall hold at least one regular meeting each quarter. (b) At each regular meeting the board shall ... (a) The board shall annually appoint the officers of the state trust company, who serve at the will of the board. (b) The state trust ... Unless expressly authorized by a resolution of the board recorded in its minutes, an officer or employee may not create or dispose of a state ... (a) An officer, director, manager, managing participant, employee, shareholder, or participant of a state trust company commits an offense if the person knowingly: (1) conceals ... (a) Without the prior approval of a disinterested majority of the board recorded in the minutes, or if a disinterested majority cannot be obtained, the ... The board of a state trust company is responsible for the proper exercise of fiduciary powers by the state trust company and each matter pertinent ... A state trust company shall keep its fiduciary records separate and distinct from other records of the state trust company in compliance with applicable rules ... (a) The board of a state trust company shall require a bond for the protection and indemnity of clients, in reasonable amounts established by rules ... (a) A state trust company that is the victim of a robbery, has a shortage of corporate or fiduciary funds in excess of $5,000, or ... (a) Except as provided by Subsection (b), a participant, participant-transferee, or manager of a limited trust association is not liable for a debt, obligation, or ... (a) A limited trust association shall file with the banking commissioner a copy of any participation agreement by which a participant of the limited trust ... Except as provided by this section or the articles of association of the limited trust association, a debt, liability, or other obligation may be contracted ... (a) Management of a limited trust association is vested in the participants in proportion to each participant's contribution to capital, as adjusted periodically to properly ... (a) Except as otherwise provided by this chapter, a participant may not receive from a limited trust association any part of the participant's contribution to ... (a) The interest of a participant or participant-transferee in a limited trust association is the personal property of the participant or the participant-transferee and may ... (a) A limited trust association in which management is retained by the participants is not required to adopt bylaws if the provisions required by law ... (a) A limited trust association organized under this chapter is dissolved on: (1) the expiration of the period fixed for the duration of the limited ... The profits and losses of a limited trust association may be allocated among the participants and among classes of participants as provided by the participation ... Subject to Section 182.103, distributions of cash or other assets of a limited trust association may be made to the participants as provided by the ... For purposes of applying the provisions of this subtitle other than this subchapter to a limited trust association, as the context requires: (1) a manager ... Last modified: August 10, 2007 |