reglab/housing_qa huggingface dataset:
TX Fin Code § 183.107 (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 183.107. Limitation on Action of Officer or Employee in Relation to Asset or Liability

Sec. 183.107.  LIMITATION ON ACTION OF OFFICER OR EMPLOYEE IN RELATION TO ASSET OR LIABILITY.  Unless expressly authorized by a resolution of the board recorded in its minutes, an officer or employee may not create or dispose of a state trust company asset or create or incur a liability on behalf of the state trust company.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.108 (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 183.108. Certain Criminal Offenses

Sec. 183.108.  CERTAIN CRIMINAL OFFENSES.  (a)  An officer, director, manager, managing participant, employee, shareholder, or participant of a state trust company commits an offense if the person knowingly:(1)  conceals information or removes, destroys, or conceals a book or record of the state trust company for the purpose of concealing information from the banking commissioner or an agent of the banking commissioner;  or(2)  for the purpose of concealing, removes or destroys any book or record of the state trust company that is material to a pending or anticipated legal or administrative proceeding.(b)  An officer, director, manager, managing participant, or employee of a state trust company commits an offense if the person knowingly makes a false entry in a book, record, report, or statement of the state trust company.(c)  An offense under this section is a felony of the third degree.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.110 (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 183.110. Fiduciary Responsibility

Sec. 183.110.  FIDUCIARY RESPONSIBILITY.  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.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.111 (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 183.111. Recordkeeping

Sec. 183.111.  RECORDKEEPING.  A state trust company shall keep its fiduciary records separate and distinct from other records of the state trust company in compliance with applicable rules adopted under this subtitle.  The fiduciary records must contain all appropriate material information relative to each account.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.112 (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 183.112. Bonding Requirements

Sec. 183.112.  BONDING REQUIREMENTS.  (a)  The board of a state trust company shall require a bond for the protection and indemnity of clients, in reasonable amounts established by rules adopted under this subtitle, against dishonesty, fraud, defalcation, forgery, theft, and other similar insurable losses.  The bond must be with a corporate insurance or surety company:(1)  authorized to do business in this state;  or(2)  acceptable to the banking commissioner and otherwise lawfully permitted to issue the coverage against those losses in this state.(b)  Except as otherwise provided by rule, a bond is required to cover each director, manager, managing participant, officer, and employee of a state trust company without regard to whether the person receives salary or other compensation.(c)  A state trust company may apply to the banking commissioner for permission to eliminate the bonding requirement of this section for a particular individual.  The banking commissioner shall approve the application if the banking commissioner finds that the bonding requirement is unnecessary or burdensome.  Unless the application presents novel or unusual questions, the banking commissioner shall approve the application or set the application for hearing not later than the 61st day after the date the banking commissioner considers the application complete and accepted for filing.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.113 (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 183.113. Reports of Apparent Crime

Sec. 183.113.  REPORTS OF APPARENT CRIME.  (a)  A state trust company that is the victim of a robbery, has a shortage of corporate or fiduciary funds in excess of $5,000, or is the victim of an apparent or suspected misapplication of its corporate or fiduciary funds or property in any amount by a director, manager, managing participant, officer, or employee shall report the robbery, shortage, or apparent or suspected misapplication of funds or property to the banking commissioner within 48 hours after the time it is discovered.  The initial report may be oral if the report is promptly confirmed in writing.  The state trust company or a director, manager, managing participant, officer, employee, or agent is not subject to liability for defamation or another charge resulting from information supplied in the report.(b)  A report filed with the banking commissioner under this section may be a copy of a written report filed with an appropriate federal agency.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.201 (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 C. Limited Trust Association|Section 183.201. Liability of Participants and Managers

Sec. 183.201.  LIABILITY OF PARTICIPANTS AND MANAGERS.  (a)  Except as provided by Subsection (b), a participant, participant-transferee, or manager of a limited trust association is not liable for a debt, obligation, or liability of the limited trust association, including a debt, obligation, or liability under a judgment, decree, or order of court.  A participant, other than a full liability participant, or a manager of a limited trust association is not a proper party to a proceeding by or against a limited trust association unless the object of the proceeding is to enforce the participant's or manager's right against or liability to a limited trust association.(b)  A full liability participant of a limited trust association is liable under a judgment, decree, or order of court for a debt, obligation, or liability of the limited trust association that accrued during the participation of the full liability participant in the limited trust association and before the full liability participant or a successor in interest filed with the banking commissioner a notice of withdrawal as a full liability participant from the limited trust association.  The filed notice of withdrawal is a public record.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.202 (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 C. Limited Trust Association|Section 183.202. Filing of Notice of Full Liability

Sec. 183.202.  FILING OF NOTICE OF FULL LIABILITY.  (a)  A limited trust association shall file with the banking commissioner a copy of any participation agreement by which a participant of the limited trust association agrees to become a full liability participant and the name and address of each full liability participant.  Only the portion of the filed copy containing the designation of each full liability participant is a public record.(b)  The banking commissioner may require a complete copy of the participation agreement to be filed with the department, regardless of whether a state trust company has a full liability participant, except that the provisions of the participation agreement other than those by which a participant of the limited trust association agrees to become a full liability participant are confidential and subject to release only as provided by Subchapter D, Chapter 181.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.203 (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 C. Limited Trust Association|Section 183.203. Contracting for Debt or Obligation

Sec. 183.203.  CONTRACTING FOR DEBT OR OBLIGATION.  Except as provided by this section or the certificate of formation of the limited trust association, a debt, liability, or other obligation may be contracted for or incurred on behalf of a limited trust association only by:(1)  a majority of the managers, if management of the limited trust association has been vested in a board of managers;(2)  a majority of the managing participants; or(3)  an officer or other agent vested with actual or apparent authority to contract for or incur the debt, liability, or other obligation.|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. 575 (S.B. 804), Sec. 27, eff. June 14, 2013.|
TX Fin Code § 183.204 (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 C. Limited Trust Association|Section 183.204. Management of Limited Trust Association

Sec. 183.204.  MANAGEMENT OF LIMITED TRUST ASSOCIATION.  (a)  Management of a limited trust association is vested in the participants in proportion to each participant's contribution to capital, as adjusted periodically to properly reflect any additional contribution.  The certificate of formation may provide that management of a limited trust association is vested in a board of managers to be elected annually by the participants as prescribed by the bylaws or the participation agreement.(b)  Participants of a limited trust association may not retain management and must elect a board of managers if:(1)  any participant is disqualified from serving as a managing participant under Section 183.103;(2)  the limited trust association has fewer than five or more than 25 participants;  or(3)  any participant has been removed by the banking commissioner under Subchapter A, Chapter 185.(c)  The certificate of formation, bylaws, and participation agreement of a limited trust association may use the term "director" instead of "manager" and the term "board" instead of "board of managers."|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. 575 (S.B. 804), Sec. 28, eff. June 14, 2013.|
TX Fin Code § 183.205 (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 C. Limited Trust Association|Section 183.205. Withdrawal or Reduction of Participant's Contribution to Capital

Sec. 183.205.  WITHDRAWAL OR REDUCTION OF PARTICIPANT'S CONTRIBUTION TO CAPITAL.  (a)  Except as otherwise provided by this chapter, a participant may not receive from a limited trust association any part of the participant's contribution to capital unless:(1)  all liabilities of the limited trust association, except liabilities to participants on account of contribution to capital, have been paid;(2)  after the withdrawal or reduction, sufficient property of the limited trust association will remain to pay all liabilities of the limited trust association, except liabilities to participants on account of contribution to capital;(3)  all participants consent; or(4)  the certificate of formation is canceled or amended to set out the withdrawal or reduction.(b)  A participant may demand the return of the participant's contribution to capital on the dissolution of the association and the failure of the full liability participants to exercise the right to carry on the business of the limited trust association as provided by Section 183.208.(c)  A participant may demand the return of the participant's contribution to capital only in cash unless a different form of return of the contribution is allowed by the certificate of formation or by the unanimous consent of all participants.|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. 575 (S.B. 804), Sec. 29, eff. June 14, 2013.|
TX Fin Code § 183.206 (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 C. Limited Trust Association|Section 183.206. Interest in Limited Trust Association; Transferability of Interest

Sec. 183.206.  INTEREST IN LIMITED TRUST ASSOCIATION;  TRANSFERABILITY OF INTEREST.  (a)  The interest of a participant or participant-transferee in a limited trust association is the personal property of the participant or the participant-transferee and may be transferred as provided by the bylaws or the participation agreement.(b)  A transferee of a participant's interest has the status of a participant-transferee and does not by the transfer become a participant or obtain a right to participate in the management of the limited trust association.(c)  A participant-transferee is entitled to receive only a share of profits, return of contribution, or other distributive benefit in respect to the interest transferred to which the participant who transferred the interest would have been entitled.(d)  A participant-transferee may become a participant only as provided by the bylaws or the participation agreement.(e)  A limited trust association may add additional participants in the same manner as participant-transferees after payment in full of the capital contribution to the limited trust association payable for the issuance of additional participation interests.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 183.207 (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 C. Limited Trust Association|Section 183.207. Bylaws of Limited Trust Association

Sec. 183.207.  BYLAWS OF LIMITED TRUST ASSOCIATION.  (a)  A limited trust association in which management is retained by the participants is not required to adopt bylaws if the provisions required by law to be contained in the bylaws are contained in the certificate of formation or the participation agreement.(b)  If a limited trust association has adopted bylaws that designate each full liability participant, the limited trust association shall file a copy of the bylaws with the banking commissioner.  Only the portion of the bylaws designating each full liability participant is a public record.|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. 575 (S.B. 804), Sec. 30, eff. June 14, 2013.|
TX Fin Code § 183.208 (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 C. Limited Trust Association|Section 183.208. Dissolution

Sec. 183.208.  DISSOLUTION.  (a)  A limited trust association organized under this chapter is dissolved on:(1)  the expiration of the period fixed for the duration of the limited trust association;(2)  a vote to dissolve or the execution of a written consent to dissolve by all full liability participants, if any, and a sufficient number of other participants that, combined with all full liability participants, hold at least two-thirds of the participation shares in each class in the association, or a greater fraction as provided by the certificate of formation;(3)  except as provided by the certificate of formation, the death, insanity, expulsion, bankruptcy, retirement, or resignation of a participant unless a majority in interest of all remaining participants elect in writing not later than the 90th day after the date of the event to continue the business of the association; or(4)  the occurrence of an event of dissolution specified in the certificate of formation.(b)  A dissolution under this section is considered to be the initiation of a voluntary dissolution under Subchapter B, Chapter 186.(c)  An event of dissolution described by Subsection (a)(3) does not cancel or revoke a contract to which the limited trust association is a party, including a trust indenture or agreement or voluntary dissolution under Subchapter B, Chapter 186, until the period for the remaining participants to continue the business of the limited trust association has expired without the remaining participants having completed the necessary action to continue the business of the limited trust association.|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. 575 (S.B. 804), Sec. 31, eff. June 14, 2013.|
TX Fin Code § 183.209 (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 C. Limited Trust Association|Section 183.209. Allocation of Profits and Losses

Sec. 183.209.  ALLOCATION OF PROFITS AND LOSSES.  The profits and losses of a limited trust association may be allocated among the participants and among classes of participants as provided by the participation agreement.  Without the prior written approval of the banking commissioner to use a different allocation method, the profits and losses must be allocated according to the relative interests of the participants as reflected in the certificate of formation and related documents filed with and approved by the banking commissioner.|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. 575 (S.B. 804), Sec. 32, eff. June 14, 2013.|
TX Fin Code § 183.210 (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 C. Limited Trust Association|Section 183.210. Distributions

Sec. 183.210.  DISTRIBUTIONS.  Subject to Section 182.103, distributions of cash or other assets of a limited trust association may be made to the participants as provided by the participation agreement.  Without the prior written approval of the banking commissioner to use a different distribution method, distributions must be made to the participants according to the relative interests of the participants as reflected in the certificate of formation and related documents filed with and approved by the banking commissioner.|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. 575 (S.B. 804), Sec. 33, eff. June 14, 2013.|
TX Fin Code § 183.211 (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 C. Limited Trust Association|Section 183.211. Application of Other Provisions to Limited Trust Associations

Sec. 183.211.  APPLICATION OF OTHER PROVISIONS TO LIMITED TRUST ASSOCIATIONS.  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.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 184.001 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 184 - Investments, Loans, and Deposits|Subchapter A. Acquisition and Ownership of Trust Company Facilities and Other Real Property|Section 184.001. Definition

Sec. 184.001.  DEFINITION.  In this subchapter, "state trust company facility" means real property, including an improvement, that a state trust company owns or leases, to the extent the lease or the leasehold improvement is capitalized, for the purpose of:(1)  providing space for state trust company employees to perform their duties and for state trust company employees and customers to park;(2)  conducting trust business, including meeting the reasonable needs and convenience of the public and the state trust company's clients, computer operations, document and other item processing, maintenance, and record retention and storage;(3)  holding, improving, and occupying as an incident to future expansion of the state trust company's facilities;  or(4)  conducting another activity authorized by rules adopted under this subtitle.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|