reglab/housing_qa huggingface dataset:
TX Fin Code § 182.402 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter E. Purchase or Sale of Assets|Section 182.402. Authority to Act as Disbursing Agent

Sec. 182.402.  AUTHORITY TO ACT AS DISBURSING AGENT.  (a)  The purchasing state trust company may hold the purchase price and any additional funds delivered to it by the selling institution in trust for the selling institution and may act as agent of the selling institution in disbursing those funds in trust by paying the creditors of the selling institution.(b)  If the purchasing state trust company acts under written contract of agency approved by the banking commissioner that specifically names each creditor and the amount to be paid each, and if the agency is limited to the purely ministerial act of paying creditors the amounts due them as determined by the selling institution and reflected in the contract of agency and does not involve discretionary duties or authority other than the identification of the creditors named, the purchasing trust company:(1)  may rely on the contract of agency and the instructions included in it;  and(2)  is not responsible for:(A)  any error made by the selling institution in determining its liabilities and creditors to whom the liabilities are due or the amounts due the creditors;  or(B)  any preference that results from the payments made under the contract of agency and the instructions included in it.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 182.403 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter E. Purchase or Sale of Assets|Section 182.403. Liquidation of Selling Institution

Sec. 182.403.  LIQUIDATION OF SELLING INSTITUTION.  If the selling institution is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory agency, the purchasing state trust company shall pay to the receiver of the selling institution the balance of the money held by it in trust for the selling institution and not yet paid to the creditors of the selling institution.  Without further action the purchasing state trust company is discharged of all responsibilities to the selling institution, its receiver, or its creditors, shareholders, participants, or participant-transferees.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 182.404 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter E. Purchase or Sale of Assets|Section 182.404. Payment to Creditors

Sec. 182.404.  PAYMENT TO CREDITORS.  The purchasing state trust company may pay a creditor of the selling institution the amount to be paid the creditor under the terms of the contract of agency by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under the terms of the agency contract, and mailing or personally delivering a duplicate ticket evidencing the credit to the creditor at the creditor's address shown in the records of the selling institution.  The relationship between the purchasing state trust company and the creditor is that of agent to creditor only to the extent of the credit reflected by the ticket.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 182.501 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter F. Exit of State Trust Company or Entry of Another Trust Institution|Section 182.501. Merger or Conversion of State Trust Company Into Another Trust Institution Exercising Fiduciary Powers

Sec. 182.501.  MERGER OR CONVERSION OF STATE TRUST COMPANY INTO ANOTHER TRUST INSTITUTION EXERCISING FIDUCIARY POWERS.  (a)  Subject to Chapter 187, a state trust company may act as necessary and to the extent permitted by the laws of the United States, this state, another state, or another country to merge or convert into another form of trust institution.(b)  The merger or conversion must be made and approval of the state trust company's board, shareholders, or participants must be obtained in accordance with the Business Organizations Code as if the state trust company were a filing entity and all other parties to the transaction, if any, were foreign entities, except as may be otherwise provided by rule.  For purposes of this subsection, a conversion is considered a merger into the successor trust institution.(c)  The state trust company does not cease to be a state trust company subject to the supervision of the banking commissioner unless:(1)  the banking commissioner has been given written notice of the intention to merge or convert before the 31st day before the date of the proposed transaction;(2)   the state trust company has filed with the banking commissioner:(A)  a copy of the application filed with the successor regulatory authority, including a copy of each contract evidencing or implementing the merger or conversion, or other documents sufficient to show compliance with applicable law; and(B)  a certified copy of all minutes of board meetings and shareholder or participant meetings at which action was taken regarding the merger or conversion; (3)  the banking commissioner determines that:(A)  all accounts and liabilities of the state trust company are fully discharged, assumed, or otherwise retained by the successor trust institution;(B)  any conditions imposed by the banking commissioner for the protection of clients and creditors have been met or otherwise resolved; and(C)  any required filing fees have been paid; and(4)  the state trust company has received a certificate of authority to do business as the successor trust institution.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 6.016(a), eff. Sept. 1, 2001.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 74, eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 735 (H.B. 2754), Sec. 16, eff. September 1, 2007.Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 26, eff. June 14, 2013.|
TX Fin Code § 182.502 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter F. Exit of State Trust Company or Entry of Another Trust Institution|Section 182.502. Conversion of Trust Institution Into State Trust Company

Sec. 182.502.  CONVERSION OF TRUST INSTITUTION INTO STATE TRUST COMPANY.  (a)  A trust institution may apply to the banking commissioner for conversion into a state trust company on a form prescribed by the banking commissioner and accompanied by any required fee if the trust institution follows the procedures prescribed by the laws of the United States, this state, another state, or another country governing the exit of the trust institution for the purpose of conversion into a state trust company from the regulatory system applicable before the conversion.  A trust association or limited trust association may convert its organizational form under this section.(b)  A trust institution applying to convert into a state trust company may receive a certificate of authority to do business as a state trust company if the banking commissioner finds that:(1)  the trust institution is not engaging in a pattern or practice of unsafe and unsound fiduciary or banking practices;(2)  the trust institution has adequate capitalization for a state trust company to act as a fiduciary at the same locations as the trust institution is acting as a fiduciary before the conversion;(3)  the trust institution can be expected to operate profitably after the conversion;(4)  the officers and directors of the trust institution as a group have sufficient banking experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the trust institution will operate as a state trust company in compliance with law;  and(5)  each principal shareholder has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the trust institution will be free from improper or unlawful influence or interference with respect to the trust institution's operation as a state trust company in compliance with law.(c)  The banking commissioner may:(1)  request additional information considered necessary to make an informed decision under this section;(2)  perform an examination of the converting trust institution at the expense of the converting trust institution;  and(3)  require that examination fees be paid before a certificate of authority is issued.(d)  In connection with the application, the converting trust institution must:(1)  submit a statement of the law governing the exit of the trust institution from the regulatory system applicable before the conversion and the terms of the transition into a state trust company;  and(2)  demonstrate that all applicable law has been fully satisfied.|Added by Acts 2001, 77th Leg., ch. 1420, Sec. 6.016(a), eff. Sept. 1, 2001.|
TX Fin Code § 183.001 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter A. Transfer of Ownership Interest|Section 183.001. Acquisition of Control

Sec. 183.001.  ACQUISITION OF CONTROL.  (a)  Except as expressly permitted by this subtitle, without the prior written approval of the banking commissioner a person may not directly or indirectly acquire a legal or beneficial interest in voting securities of a state trust company or a corporation or other entity owning voting securities of a state trust company if, after the acquisition, the person would control the state trust company.(b)  For purposes of this subchapter and except as otherwise provided by rules adopted under this subtitle, the principal shareholder or principal participant of a state trust company that directly or indirectly owns or has the power to vote a greater percentage of voting securities of the state trust company than any other shareholder or participant is considered to control the state trust company.(c)  This subchapter does not prohibit a person from negotiating to acquire, but not acquiring, control of a state trust company or a person that controls a state trust company.(d)  This section does not apply to:(1)  the acquisition of securities in connection with the exercise of a security interest or otherwise in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the banking commissioner before the person votes the securities acquired;(2)  the acquisition of voting securities in any class or series by a controlling person who has previously complied with and received approval under this subchapter or who was identified as a controlling person in a prior application filed with and approved by the banking commissioner;(3)  an acquisition or transfer by operation of law, will, or intestate succession if the acquiring person files written notice of acquisition with the banking commissioner before the person votes the securities acquired;  or(4)  a transaction exempted by the banking commissioner or by rules adopted under this subtitle because the transaction is not within the purposes of this subchapter or the regulation of which is not necessary or appropriate to achieve the objectives of this subchapter.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.003 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter A. Transfer of Ownership Interest|Section 183.003. Hearing and Decision on Acquisition of Control

Sec. 183.003.  HEARING AND DECISION ON ACQUISITION OF CONTROL.  (a)  Not later than the 60th day after the date the notice is published, the banking commissioner shall approve the application or set the application for hearing.  If the banking commissioner sets a hearing, the department shall participate as the opposing party and the banking commissioner shall conduct a hearing and one or more prehearing conferences and opportunities for discovery as the banking commissioner considers advisable and consistent with governing statutes and rules.  A hearing held under this section is confidential and closed to the public.(b)  Based on the record, the banking commissioner may issue an order denying an application if:(1)  the acquisition would substantially lessen competition, be in restraint of trade, result in a monopoly, or be in furtherance of a combination or conspiracy to monopolize or attempt to monopolize the trust industry in any part of this state, unless:(A)  the anticompetitive effects of the acquisition are clearly outweighed in the public interest by the probable effect of acquisition in meeting the convenience and needs of the community to be served;  and(B)  the acquisition is not in violation of the law of this state or the United States;(2)  the financial condition of the transferee, or any member of a group comprising the transferee, might jeopardize the financial stability of the state trust company being acquired;(3)  plans or proposals to operate, liquidate, or sell the state trust company or its assets are not in the best interest of the state trust company;(4)  the experience, ability, standing, competence, trustworthiness, and integrity of the transferee, or any member of a group comprising the transferee, are insufficient to justify a belief that the state trust company will be free from improper or unlawful influence or interference with respect to the state trust company's operation in compliance with law;(5)  the state trust company will not be solvent, have adequate capitalization, or be in compliance with the laws of this state after the acquisition;(6)  the transferee has failed to furnish all information pertinent to the application reasonably required by the banking commissioner;  or(7)  the transferee is not acting in good faith.(c)  If the banking commissioner approves the application, the transaction may be consummated.  If the approval is conditioned on a written commitment from the transferee offered to and accepted by the banking commissioner, the commitment is:(1)  enforceable against the state trust company and the transferee;  and(2)  considered for all purposes an agreement under this subtitle.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.004 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter A. Transfer of Ownership Interest|Section 183.004. Appeal From Adverse Decision

Sec. 183.004.  APPEAL FROM ADVERSE DECISION.  (a)  If a hearing has been held, the banking commissioner has entered an order denying the application, and the order has become final, the transferee may appeal the final order by filing a petition for judicial review.(b)  The filing of an appeal under this section does not stay the order of the banking commissioner.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.005 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter A. Transfer of Ownership Interest|Section 183.005. Objection to Other Transfer

Sec. 183.005.  OBJECTION TO OTHER TRANSFER.  This subchapter does not prevent the banking commissioner from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a state trust company, regardless of whether the transfer is governed by this subchapter, if the banking commissioner considers the transfer to be against the public interest.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.006 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter A. Transfer of Ownership Interest|Section 183.006. Civil Enforcement; Criminal Penalty

Sec. 183.006.  CIVIL ENFORCEMENT;  CRIMINAL PENALTY.  (a)  If the banking commissioner believes that a person has violated or is about to violate this subchapter or a rule or order of the banking commissioner relating to this subchapter, the attorney general on behalf of the banking commissioner may apply to a district court in Travis County for an order enjoining the violation and for other equitable relief the nature of the case requires.(b)  A person who knowingly fails or refuses to file the application required by Section 183.002 commits an offense.  An offense under this subsection is a Class A misdemeanor.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.101 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter B. Board and Officers|Section 183.101. Voting Securities Held by Trust Company

Sec. 183.101.  VOTING SECURITIES HELD BY TRUST COMPANY.  (a)  Voting securities of a state trust company held by the state trust company in a fiduciary capacity under a will or trust, whether registered in its own name or in the name of its nominee, may not be voted in the election of directors or managers or on a matter affecting the compensation of directors, managers, officers, or employees of the state trust company in that capacity, unless:(1)  under the terms of the will or trust, the manner in which the voting securities are to be voted may be determined by a donor or beneficiary of the will or trust and the donor or beneficiary actually makes the determination in the matter at issue;(2)  the terms of the will or trust expressly direct the manner in which the securities must be voted to the extent that discretion is not vested in the state trust company as fiduciary;  or(3)  the securities are voted solely by a cofiduciary that is not an affiliate of the state trust company, as if the cofiduciary were the sole fiduciary.(b)  Voting securities of a state trust company that cannot be voted under this section are considered to be authorized but unissued for purposes of determining the procedures for and results of the affected vote.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.102 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter B. Board and Officers|Section 183.102. Bylaws

Sec. 183.102.  BYLAWS.  Except as provided by Section 183.207, each state trust company shall adopt bylaws and may amend its bylaws from time to time for the purposes and in accordance with the procedures set forth in the Business Organizations Code.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 75, eff. September 1, 2007.|
TX Fin Code § 183.104 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter B. Board and Officers|Section 183.104. Advisory Director or Advisory Manager

Sec. 183.104.  ADVISORY DIRECTOR OR ADVISORY MANAGER.  (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:(1)  the board adopts a resolution that designates the advisory director or advisory manager as a person who is  officially connected to the trust company and that describes the purpose for disclosure of the information, which must be a reasonable business purpose;  and(2)  the disclosure is made under a written confidentiality agreement between the state trust company and the advisory director or advisory manager.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 940 (H.B. 1664), Sec. 13, eff. June 14, 2013.|
TX Fin Code § 183.105 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter B. Board and Officers|Section 183.105. Required Quarterly Board Meeting

Sec. 183.105.  REQUIRED QUARTERLY BOARD MEETING.  (a)  The board of a state trust company shall hold at least one regular meeting each quarter.(b)  At each regular meeting the board shall review and approve the minutes of the preceding meeting and review the operations, activities, and financial condition of the state trust company.  The board may designate committees from among its members to perform those duties and approve or disapprove the committees' reports at each regular meeting.(c)  All actions of the board must be recorded in its minutes.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.106 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 183 - Ownership and Management of State Trust Company|Subchapter B. Board and Officers|Section 183.106. Officers

Sec. 183.106.  OFFICERS.  (a)  The board shall annually appoint the officers of the state trust company, who serve at the will of the board.  Unless the banking commissioner consents otherwise in writing, a person may not serve as an officer of a state trust company if:(1)  the person is the subject of an order described by Section 185.007(a);(2)  the person has been convicted of a felony; or(3)  the person has violated, with respect to a trust under which the state trust company has fiduciary responsibility, Section 113.052 or 113.053(a), Property Code, relating to loan of trust funds and purchase or sale of trust property by the trustee, and the violation has not been corrected.(b)  The state trust company must have a principal executive officer primarily responsible for the execution of board policies and operation of the state trust company and an officer responsible for the maintenance and storage of all corporate books and records of the state trust company and for required attestation of signatures.  Those positions may not be held by the same person.(c)  The board may appoint other officers of the state trust company as the board considers necessary.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.Amended by: Acts 2017, 85th Leg., R.S., Ch. 599 (S.B. 1401), Sec. 14, eff. September 1, 2017.|