Texas Finance Code Title 3, Chapter 182 - Powers, Organization, And Financial Requirements
SUBCHAPTER A ORGANIZATION AND POWERS IN GENERAL
- Texas Section 182.001 - Organization And General Powers Of State Trust Company
(a) Subject to Subsection (g) and the other provisions of this chapter, one or more persons may organize and charter a state trust company as...
- Texas Section 182.002 - Certificate Of Formation Of State Trust Company
(a) The certificate of formation of a state trust company must be signed and acknowledged by each organizer and must contain: (1) the name of...
- Texas Section 182.003 - Application For State Trust Company Charter; Standards For Approval
(a) An application for a state trust company charter must be made under oath and in the form required by the banking commissioner. The application...
- Texas Section 182.004 - Notice And Investigation Of Charter Application
(a) The organizers shall solicit comments and protests by publishing notice of the application, its date of filing, and the identity of the organizers, in...
- Texas Section 182.005 - Protest; Hearing; Decision On Charter Application
(a) A protest of a charter application must be received by the department before the 15th day after the date the organizers publish notice under...
- Texas Section 182.006 - Issuance Of Charter
A state trust company may not engage in the trust business until it receives its charter from the banking commissioner. The banking commissioner may not...
- Texas Section 182.007 - Deadline To Begin Business
If a state trust company does not open and engage in the trust business within six months after the date it receives its charter or...
- Texas Section 182.008 - Restricted Capital
(a) The banking commissioner may not issue a charter to a state trust company having restricted capital of less than $2 million. (b) The banking...
- Texas Section 182.009 - Application Of General Corporate Law
(a) The Business Organizations Code applies to a trust association as if it were a for-profit corporation, and to a limited trust association as if...
- Texas Section 182.010 - Parity
(a) A state trust company has the same rights and privileges with respect to the exercise of fiduciary powers that are or may be granted...
- Texas Section 182.0105 - Financial Activities
(a) The finance commission by rule may determine that an activity not otherwise approved or authorized for state trust companies is: (1) a financial activity;...
- Texas Section 182.011 - Exemption From Statutory Provisions For Certain State Trust Companies
(a) A state trust company may request in writing that it be exempted from specified provisions of this subtitle. The banking commissioner may grant the...
- Texas Section 182.012 - Application For Exemption
(a) A state trust company requesting an exemption under Section 182.011 shall file an application with the banking commissioner that includes: (1) a nonrefundable application...
- Texas Section 182.013 - Annual Certification For Exempt State Trust Company
(a) An exempt state trust company shall file a certification annually with its statement of condition and income, on a form provided by the banking...
- Texas Section 182.014 - Limitation On Effect Of Exemption
(a) An exempt state trust company shall comply with the home office provisions of Section 182.202. (b) The grant of an exemption to a state...
- Texas Section 182.015 - Change Of Control Of Exempt State Trust Company
If control of an exempt state trust company is sold or otherwise transferred, the acquiring person must comply with Sections 182.003, 182.004, 182.005, 183.001, and...
- Texas Section 182.016 - Grounds For Revocation Of Exemption
The banking commissioner may revoke an exemption of a state trust company if the trust company: (1) makes a false statement under oath on any...
- Texas Section 182.017 - Notice And Effect Of Revocation Of Exemption
(a) If the banking commissioner determines from examination or other credible evidence that an exempt state trust company has violated any of the requirements of...
- Texas Section 182.018 - Action After Revocation Of Exemption
(a) A state trust company must comply with all of the provisions of Sections 182.003(b) and (c) not later than the fifth day after the...
- Texas Section 182.019 - Prior Exemption
(a) Subject to Subsection (b), a state trust company that was exempt before September 1, 1997, may no longer operate with that prior exempt status...
- Texas Section 182.020 - Foreign Corporation Exercising Trust Powers
(a) A foreign corporation may not conduct a trust business in this state. A foreign corporation may control a state trust company in this state...
- Texas Section 182.021 - Activities Not Requiring Charter
Subject to Subchapter C, Chapter 187, a company does not engage in the trust business in a manner requiring a state charter by: (1) acting...
SUBCHAPTER B AMENDMENT OF CERTIFICATE; CHANGES IN CAPITAL AND SURPLUS
- Texas Section 182.0211 - Conformance With Securities Act
For the purposes of Section 182.021(7), "salesman" includes "agent" and "advisor" includes "investment adviser" or "investment adviser representative." Added by Acts 2001, 77th Leg., ch....
- Texas Section 182.101 - Amendment Or Restatement Of State Trust Company Certificate Of Formation
(a) A state trust company that has been granted a charter under Section 182.006 or a predecessor statute may amend or restate its certificate of...
- Texas Section 182.102 - Establishing Series Of Shares Or Participation Shares
(a) If the certificate of formation expressly gives the board authority to establish series and determine the preferences, limitations, and relative rights of each series,...
- Texas Section 182.103 - Change In Restricted Capital
(a) A state trust company may not reduce or increase its restricted capital through dividend, redemption, issuance of shares or participation shares, or otherwise without...
- Texas Section 182.104 - Capital Notes Or Debentures
(a) With the prior written approval of the banking commissioner, a state trust company may at any time through action of its board, and without...
SUBCHAPTER C STATE TRUST COMPANY OFFICES
- Texas Section 182.105 - Board Designation Of Certified Surplus
Periodically the board may vote to designate and record in its minutes the amount of certified surplus. Except to absorb losses in excess of undivided...
- Texas Section 182.201 - Conduct Of Trust Business
A state trust company may engage in the trust business at its home office and at other locations as permitted by this subchapter. Added by...
- Texas Section 182.202 - Home Office
(a) Each state trust company must have and continuously maintain in this state a home office. The home office must be a location at which...
SUBCHAPTER D MERGER
- Texas Section 182.203 - Additional Offices
(a) A state trust company may establish and maintain additional offices. To establish an additional office, the state trust company must file a written notice...
- Texas Section 182.301 - Merger Authority
(a) Two or more trust institutions, corporations, or other entities with the authority to participate in a merger, at least one of which is a...
- Texas Section 182.302 - Merger Application; Grounds For Approval
(a) To apply for approval of a merger, the parties must submit the original certificate of merger, a number of copies of the certificate of...
- Texas Section 182.303 - Approval Of Banking Commissioner
(a) If the banking commissioner approves the merger and finds that all required filing fees and investigative costs have been paid, the banking commissioner shall:...
SUBCHAPTER E PURCHASE OR SALE OF ASSETS
- Texas Section 182.304 - Rights Of Dissenters To Merger
A shareholder, participant, or participant-transferee may dissent from the merger to the extent and by following the procedure provided by the Business Organizations Code or...
- Texas Section 182.401 - Authority To Purchase Assets
(a) A state trust company may purchase assets from another trust institution, including the right to control accounts established with the trust institution, or assets...
- Texas Section 182.402 - Authority To Act As Disbursing Agent
(a) The purchasing state trust company may hold the purchase price and any additional funds delivered to it by the selling institution in trust for...
- Texas Section 182.403 - Liquidation Of Selling Institution
If the selling institution is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory...
- Texas Section 182.404 - Payment To Creditors
The purchasing state trust company may pay a creditor of the selling institution the amount to be paid the creditor under the terms of the...
SUBCHAPTER F EXIT OF STATE TRUST COMPANY OR ENTRY OF ANOTHER TRUST INSTITUTION
- Texas Section 182.405 - Sale Of Assets
(a) A state trust company may sell all or any portion of its assets to another trust institution or other buyer, except that the prior...
- Texas Section 182.501 - Merger Or Conversion Of State Trust Company Into Another Trust Institution Exercising Fiduciary Powers
(a) Subject to Chapter 187, a state trust company may act as necessary and to the extent permitted by the laws of the United States,...
- Texas Section 182.502 - Conversion Of Trust Institution Into State Trust Company
(a) A trust institution may apply to the banking commissioner for conversion into a state trust company on a form prescribed by the banking commissioner...
Last modified: September 28, 2016