Texas Finance Code

§ 183.211 — APPLICATION OF OTHER PROVISIONS TO LIMITED TRUST ASSOCIATIONS

FI § 183.211Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 183. OWNERSHIP AND MANAGEMENT OF STATE TRUST COMPANY · Art. C. LIMITED TRUST ASSOCIATION

Statute text

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For purposes of applying the provisions of this subtitle other than this subchapter to a limited trust association, as the context requires:

(1)a manager and the board of managers are considered to be a director and the board of directors;

(2)if there is not a board of managers, a participant is considered to be a director and all of the participants are considered to be the board of directors;

(3)a participant or participant-transferee is considered to be a shareholder;

(4)a participation share is considered to be a share of stock; and

(5)a distribution is considered to be a dividend.

Legislative history

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