Texas Finance Code

§ 183.104 — ADVISORY DIRECTOR OR ADVISORY MANAGER

FI § 183.104Title 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

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(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 by the shareholders or participants of the state trust company;

(2)does not vote on matters before the board or a committee of the board;

(3)is not counted for purposes of determining a quorum of the board or committee; and

(4)provides solely general policy advice to the board.

(b)A state trust company may not disclose to an advisory director or advisory manager confidential information pertaining to the state trust company or the company's clients unless:

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 940 (H.B. 1664), Sec. 13, eff. June 14, 2013.