Texas Finance Code

§ 183.110 — FIDUCIARY RESPONSIBILITY

FI § 183.110Title 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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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 to the exercise of fiduciary powers, including:

(1)the determination of policies;

(2)the investment and disposition of property held in a fiduciary capacity; and

(3)the direction and review of the actions of each officer, employee, and committee used by the state trust company in the exercise of its fiduciary powers.

Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.