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Texas Finance Code - Chapter 275 Texas Mutual Trust Investment Company ActLegal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Chapter 275 Texas Mutual Trust Investment Company Act This chapter may be cited as the Texas Mutual Trust Investment Company Act. Added by Acts 1999, 76th Leg., ch. 62, § 7.26(a), eff. Sept. ... In this chapter: (1) "Fiduciary institution" means a: (A) state bank with trust powers; (B) national bank with trust powers; or (C) trust company. (2) ... Except as provided by this chapter, a mutual trust investment company must be incorporated under and is subject to the general corporation laws of this ... A mutual trust investment company may invest its assets only in investments in which a trustee may invest under the laws of this state. Added ... (a) One or more fiduciary institutions may incorporate a mutual trust investment company as provided by this chapter to be a medium for the common ... (a) To incorporate, a mutual trust investment company must have five or more persons subscribe and acknowledge the company's articles of incorporation. (b) A person ... In addition to the information required by the general corporation laws, the articles of incorporation shall state: (1) the name of each fiduciary institution causing ... (a) Except as provided by Subsection (b), a mutual trust investment company must have at least five directors, each of whom is not required to ... (a) At least once each year, a mutual trust investment company shall cause an adequate audit to be made of the company by auditors responsible ... The stock of a mutual trust investment company may be owned only by fiduciary institutions acting as fiduciaries and any of their cofiduciaries. Added by ... The stock of a mutual trust investment company may be registered in the name of one or more nominees of the owner of the stock. ... The stock of a mutual trust investment company may not be transferred except to: (1) the mutual trust investment company; or (2) a fiduciary or ... A mutual trust investment company may acquire its own stock and shall bind itself, by contract or its bylaws, to acquire its own stock, but ... A fiduciary institution, alone or with one or more cofiduciaries, acting as a fiduciary for fiduciary purposes with the consent of any cofiduciaries, may invest ... (a) A mutual trust investment company is not: (1) required to determine the investment powers of a fiduciary that purchases its stock; or (2) liable ... Last modified: August 10, 2007 |