Texas Finance Code

§ 33.103 — BOARD OF DIRECTORS

FI § 33.103Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 33. OWNERSHIP AND MANAGEMENT OF STATE BANK · Art. B. BOARD AND OFFICERS

Statute text

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(a)The board of a state bank must consist of not fewer than five but not more than 25 directors, a majority of whom are residents of this state. The principal executive officer of the bank is a member of the board. The principal executive officer acting in the capacity of a 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 of a state bank if:

(1)the bank 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 35.007(a); or

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 27, eff. September 1, 2007.