Texas Finance Code Title 3, Chapter 183 - Ownership And Management Of State Trust Company

SUBCHAPTER A TRANSFER OF OWNERSHIP INTEREST

• Texas Section 183.001 - Acquisition Of Control
  (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...
• Texas Section 183.002 - Application Regarding Acquisition Of Control
  (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...
• Texas Section 183.003 - Hearing And Decision On Acquisition Of Control
  (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...
• Texas Section 183.004 - Appeal From Adverse Decision
  (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...
• Texas Section 183.005 - Objection To Other Transfer
  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...

SUBCHAPTER B BOARD AND OFFICERS

• Texas Section 183.006 - Civil Enforcement; Criminal Penalty
  (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...
• Texas Section 183.101 - Voting Securities Held By Trust Company
  (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...
• Texas Section 183.102 - Bylaws
  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...
• Texas Section 183.103 - Board Of Directors, Managers, Or Managing Participants
  (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...
• Texas Section 183.104 - Advisory Director Or Advisory Manager
  (a) An advisory director or advisory manager is not considered to be a director if the advisory director or advisory manager: (1) is not elected...
• Texas Section 183.105 - Required Quarterly Board Meeting
  (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...
• Texas Section 183.106 - Officers
  (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...
• Texas Section 183.107 - Limitation On Action Of Officer Or Employee In Relation To Asset Or Liability
  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...
• Texas Section 183.108 - Certain Criminal Offenses
  (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...
• Texas Section 183.109 - Transactions With Management And Affiliates
  (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...
• Texas Section 183.110 - Fiduciary Responsibility
  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...
• Texas Section 183.111 - Recordkeeping
  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...
• Texas Section 183.112 - Bonding Requirements
  (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...

SUBCHAPTER C LIMITED TRUST ASSOCIATION

• Texas Section 183.113 - Reports Of Apparent Crime
  (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...
• Texas Section 183.201 - Liability Of Participants And Managers
  (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...
• Texas Section 183.202 - Filing Of Notice Of Full Liability
  (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...
• Texas Section 183.203 - Contracting For Debt Or Obligation
  Except as provided by this section or the certificate of formation of the limited trust association, a debt, liability, or other obligation may be contracted...
• Texas Section 183.204 - Management Of Limited Trust Association
  (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...
• Texas Section 183.205 - Withdrawal Or Reduction Of Participant's Contribution To Capital
  (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...
• Texas Section 183.206 - Interest In Limited Trust Association; Transferability Of Interest
  (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...
• Texas Section 183.207 - Bylaws Of Limited Trust Association
  (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...
• Texas Section 183.208 - Dissolution
  (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...
• Texas Section 183.209 - Allocation Of Profits And Losses
  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...
• Texas Section 183.210 - Distributions
  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...
• Texas Section 183.211 - Application Of Other Provisions To Limited Trust Associations
  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: September 28, 2016