Texas Finance Code

§ 182.011 — EXEMPTION FROM STATUTORY PROVISIONS FOR CERTAIN STATE TRUST COMPANIES

FI § 182.011Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 182. POWERS, ORGANIZATION, AND FINANCIAL REQUIREMENTS · Art. A. ORGANIZATION AND POWERS IN GENERAL

Statute text

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(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 exemption in whole or in part, subject to Subsection (c), if the banking commissioner finds that the state trust company:

(1)has only family clients and transacts business solely on behalf of family clients and their related interests;

(2)is wholly owned, directly or indirectly, legally or beneficially, by one or more family members; and

(3)does not hold itself out to the general public as a corporate fiduciary for hire. (a-1) In this section:

(1)"Family client" includes:

(A)a family member;

…

Legislative history

Acts 2015, 84th Leg., R.S., Ch. 250 (S.B. 875), Sec. 5, eff. September 1, 2015.