Texas Finance Code Title 3, Chapter 275 - Texas Mutual Trust Investment Company Act

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 275.001 - Short Title
  This chapter may be cited as the Texas Mutual Trust Investment Company Act. Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.26(a), eff. Sept....
• Texas Section 275.002 - Definitions
  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)...
• Texas Section 275.003 - Application Of General Corporation Law
  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...

SUBCHAPTER B CREATION OF MUTUAL TRUST INVESTMENT COMPANY

• Texas Section 275.004 - Investment Of Corporation Assets
  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...
• Texas Section 275.051 - Creation Of Mutual Trust Investment Company
  (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...
• Texas Section 275.052 - Incorporators
  (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...

SUBCHAPTER C ADMINISTRATIVE PROVISIONS

• Texas Section 275.053 - Contents Of Articles Of Incorporation
  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...
• Texas Section 275.101 - Directors
  (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...

SUBCHAPTER D MUTUAL TRUST INVESTMENT COMPANY STOCK

• Texas Section 275.102 - Audits And Reports
  (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...
• Texas Section 275.151 - Ownership
  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...
• Texas Section 275.152 - Registration
  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....
• Texas Section 275.153 - Transfer And Assignment
  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...

SUBCHAPTER E INVESTMENT IN MUTUAL TRUST INVESTMENT COMPANY

• Texas Section 275.154 - Ownership By Mutual Trust Investment Company
  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...
• Texas Section 275.201 - Purchase By Fiduciary; Authority And Restrictions
  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...
• Texas Section 275.202 - Responsibility Of Mutual Trust Investment Company
  (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: September 28, 2016