Texas Finance Code
§ 183.103 — BOARD OF DIRECTORS, MANAGERS, OR MANAGING PARTICIPANTS
FI § 183.103Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 183. OWNERSHIP AND MANAGEMENT OF STATE TRUST COMPANY · Art. B. BOARD AND OFFICERS
Statute text
View on source(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 majority of whom must be residents of this state. Except for a limited trust association in which management has been retained by its participants, the principal executive officer of the state trust company is a member of the board. The principal executive officer acting in the capacity of board member is the board's presiding officer unless the board elects a different presiding officer to perform the duties as designated by the board.
(b)Unless the banking commissioner consents otherwise in writing, a person may not serve as director, manager, or managing participant of a state trust company if:
(1)the state trust company incurs an unreimbursed loss attributable to a charged-off obligation of or holds a judgment against:
(A)the person; or
(B)an entity that was controlled by the person at the time of funding and at the time of default on the loan that gave rise to the judgment or charged-off obligation;
(2)the person is the subject of an order described by Section 185.007(a);
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Legislative history
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 412, Sec. 3.09, eff. Sept. 1, 2001.