reglab/housing_qa huggingface dataset:
TX Fin Code § 33.106 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter B. Board and Officers|Section 33.106. Officers

Sec. 33.106.  OFFICERS.  (a)  The board shall annually appoint the officers of the bank, 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 the state bank if:(1)  the person is the subject of an order described by Section 35.007(a); or(2)  the person has been convicted of a felony.(b)  The bank must have a principal executive officer primarily responsible for the execution of board policies and operation of the bank and an officer responsible for the maintenance and storage of all corporate books and records of the bank and for required attestation of signatures.  Those positions may not be held by the same person.  The board may appoint other officers of the bank as the board considers necessary.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2017, 85th Leg., R.S., Ch. 599 (S.B. 1401), Sec. 5, eff. September 1, 2017.|
TX Fin Code § 33.107 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter B. Board and Officers|Section 33.107. Limitation on Action of Officer or Employee in Relation to Asset or Liability

Sec. 33.107.  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 bank asset or create or incur a liability on behalf of the bank.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 33.108 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter B. Board and Officers|Section 33.108. Criminal Offenses

Sec. 33.108.  CRIMINAL OFFENSES.  (a)  An officer, director, employee, or shareholder of a state bank commits an offense if the person knowingly:(1)  conceals information or a fact, or removes, destroys, or conceals a book or record of the bank for the purpose of concealing information or a fact, from the banking commissioner or an agent of the banking commissioner; or(2)  removes, destroys, or conceals any book or record of the bank that is material to a pending or anticipated legal or administrative proceeding.(b)  An officer, director, or employee of a state bank commits an offense if the person:(1)  knowingly makes a false entry in a book, record, report, or statement of the bank; or(2)  violates or knowingly participates in a violation of, or permits another of the bank's officers, directors, or employees to violate, the prohibition on lending trust funds under Section 113.052, Property Code.(c)  An offense under this section is a felony of the third degree.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 29, eff. September 1, 2007.|
TX Fin Code § 33.109 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter B. Board and Officers|Section 33.109. Transactions With Management and Affiliates

Sec. 33.109.  TRANSACTIONS WITH MANAGEMENT AND AFFILIATES.  (a)  Without the prior approval of a disinterested majority of the board recorded in the minutes or, if a disinterested majority cannot be obtained, the prior written approval of the banking commissioner, a state bank may not directly or indirectly:(1)  sell or lease an asset of the bank to an officer, director, or principal shareholder of the bank or of an affiliate of the bank; or(2)  purchase or lease an asset in which an officer, director, or principal shareholder of the bank or of an affiliate of the bank has an interest.(b)  An officer or director of the bank who knowingly participates in or permits a violation of this section commits an offense.  An offense under this subsection is a felony of the third degree.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 412, Sec. 2.11, eff. Sept. 1, 2001.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 30, eff. September 1, 2007.|
TX Fin Code § 33.201 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter C. Limited Banking Association|Section 33.201. Liability of Participants and Managers

Sec. 33.201.  LIABILITY OF PARTICIPANTS AND MANAGERS.  (a)  A participant or manager of a limited banking association is not liable for a debt, obligation, or liability of the limited banking association, including a debt, obligation, or liability under a judgment, decree, or order of court.  A participant or a manager of a limited banking association is not a proper party to a proceeding by or against a limited banking association unless the object of the proceeding is to enforce a participant's or manager's right against or liability to a limited banking association.(b)  Repealed by Acts 2007, 80th Leg., R.S., Ch. 237, Sec. 80, eff. September 1, 2007.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 31, eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 80, eff. September 1, 2007.|
TX Fin Code § 33.204 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter C. Limited Banking Association|Section 33.204. Management of Limited Banking Association

Sec. 33.204.  MANAGEMENT OF LIMITED BANKING ASSOCIATION.  (a)  Management of a limited banking association is vested in a board of managers elected by the participants as prescribed by the bylaws.(b)  A board of managers operates in substantially the same manner as, and has substantially the same rights, powers, privileges, duties, and responsibilities, as a board of directors of a banking association, and a manager must meet the qualifications for a director under Section 33.103. (c)  The certificate of formation, bylaws, and participation agreement of a limited banking association may use "director" instead of "manager" and "board" instead of "board of managers."|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 32, eff. September 1, 2007.Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 11, eff. June 14, 2013.|
TX Fin Code § 33.206 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter C. Limited Banking Association|Section 33.206. Interest in Limited Banking Association; Transferability of Interest

Sec. 33.206.  INTEREST IN LIMITED BANKING ASSOCIATION;  TRANSFERABILITY OF INTEREST.  (a)  The interest of a participant in a limited banking association is the personal property of the participant and may be transferred as provided by the bylaws or the participation agreement.(b)  The bylaws or the participation agreement may not require the consent of any other participant in order for a participant to transfer participation shares, including voting rights. |Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 33, eff. September 1, 2007.|
TX Fin Code § 33.208 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter C. Limited Banking Association|Section 33.208. Dissolution

Sec. 33.208.  DISSOLUTION.  The bylaws or the participation agreement may not require automatic termination, dissolution, or suspension of the limited banking association on the death, disability, bankruptcy, expulsion, or withdrawal of a participant, or on the happening of any other event other than the passage of time.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 34, eff. September 1, 2007.|
TX Fin Code § 33.209 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter C. Limited Banking Association|Section 33.209. Allocation of Profits and Losses

Sec. 33.209.  ALLOCATION OF PROFITS AND LOSSES.  The profits and losses of a limited banking 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.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 12, eff. June 14, 2013.|
TX Fin Code § 33.210 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter C. Limited Banking Association|Section 33.210. Distributions

Sec. 33.210.  DISTRIBUTIONS.  Subject to Section 32.103, distributions of cash or other assets of a limited banking 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.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 13, eff. June 14, 2013.|
TX Fin Code § 33.211 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 33 - Ownership and Management of State Bank|Subchapter C. Limited Banking Association|Section 33.211. Application of Other Provisions to Limited Banking Associations

Sec. 33.211.  APPLICATION OF OTHER PROVISIONS TO LIMITED BANKING ASSOCIATIONS.  For purposes of the provisions of Subtitle A and this subtitle other than this subchapter, as the context requires:(1)  a manager is considered to be a director and the board of managers is considered to be the board of directors;(2)   a participant is considered to be a shareholder;(3)  a participation share is considered to be a share; and(4)  a distribution is considered to be a dividend.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 35, eff. September 1, 2007.|
TX Fin Code § 34.001 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 34 - Investments, Loans, and Deposits|Subchapter A. Acquisition and Ownership of Bank Facilities and Other Real Property|Section 34.001. Definition

Sec. 34.001.  DEFINITION.  In this subchapter, "bank facility" means real property, including an improvement, that a state bank owns or leases, to the extent the lease or the leasehold improvement is capitalized, for the purpose of:(1)  providing space for bank employees to perform their duties and for bank employees and customers to park;(2)  conducting bank business, including meeting the reasonable needs and convenience of the public and the bank's customers, computer operations, document and other item processing, maintenance and storage of foreclosed collateral pending disposal, and record retention and storage;(3)  holding, improving, and occupying as an incident to future expansion of the bank's facilities;  or(4)  conducting another activity authorized by rules adopted under this subtitle.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 34.002 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 34 - Investments, Loans, and Deposits|Subchapter A. Acquisition and Ownership of Bank Facilities and Other Real Property|Section 34.002. Investment in Bank Facilities

Sec. 34.002.  INVESTMENT IN BANK FACILITIES.  (a)  Without the prior written approval of the banking commissioner, a state bank may not directly or indirectly invest an amount in excess of its unimpaired capital and surplus in bank facilities, furniture, fixtures, and equipment.  Except as otherwise provided by rules adopted under this subtitle, in computing this limitation the bank:(1)  shall include:(A)  its direct investment in bank facilities;(B)  an investment in equity or investment securities of a company holding title to a facility used by the bank for a purpose specified by Section 34.001;(C)  a loan made by the bank to or on the security of equity or investment securities issued by a company holding title to a facility used by the bank; and(D)  any indebtedness incurred on bank facilities by a company:(i)  that holds title to the facility;(ii)  that is an affiliate of the bank; and(iii)  in which the bank is invested in the manner described by Paragraph (B) or (C); and(2)  may exclude an amount included under Subdivisions (1)(B)-(D) to the extent a lease of a facility from the company holding title to the facility is capitalized on the books of the bank.(b)  Real property acquired for the purposes described by Section 34.001(3) and not improved and occupied by the bank ceases to be a bank facility on the third anniversary of the date of its acquisition unless the banking commissioner on application grants written approval to further delay in the improvement and occupation of the property by the bank.(c)  A bank shall comply with regulatory accounting principles in accounting for its investment in and depreciation of bank facilities, furniture, fixtures, and equipment.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 110 (H.B. 2007), Sec. 3, eff. September 1, 2007.|
TX Fin Code § 34.003 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 34 - Investments, Loans, and Deposits|Subchapter A. Acquisition and Ownership of Bank Facilities and Other Real Property|Section 34.003. Other Real Property

Sec. 34.003.  OTHER REAL PROPERTY.  (a)  A state bank may not acquire real property except:(1)  as permitted by this subtitle or rules adopted under this subtitle;(2)  with the prior written approval of the banking commissioner;  or(3)  as necessary to avoid or minimize a loss on a loan or investment previously made in good faith.(b)  With the prior written approval of the banking commissioner, a state bank may:(1)  exchange real property for other real property or personal property;(2)  invest additional money in or improve real property acquired under this subsection or Subsection (a);  or(3)  acquire additional real property to avoid or minimize loss on real property acquired as permitted by Subsection (a).(c)  A state bank shall dispose of real property subject to this section not later than  the fifth anniversary of the date the real property:(1)  was acquired except as otherwise provided by rules adopted under this subtitle;(2)  ceases to be used as a bank facility; or(3)  ceases to be a bank facility as provided by Section 34.002(b).(d)  The banking commissioner on application may grant one or more extensions of time for disposing of real property if the banking commissioner determines that:(1)  the bank has made a good faith effort to dispose of the real property;  or(2)  disposal of the real property would be detrimental to the bank.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 940 (H.B. 1664), Sec. 7, eff. June 14, 2013.|
TX Fin Code § 34.004 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 34 - Investments, Loans, and Deposits|Subchapter A. Acquisition and Ownership of Bank Facilities and Other Real Property|Section 34.004. Retention of Nonparticipating Royalty Interests

Sec. 34.004.  RETENTION OF NONPARTICIPATING ROYALTY INTERESTS.  (a)  Notwithstanding Section 34.003(a), a state bank may hold nonparticipating royalty interests if:(1)  the state bank acquires the interest pursuant to Section 34.003(a)(3) or retains the interest in a sale of property acquired under that section;(2)  the interest is nonparticipating due to the fact the interest:(A)  is nonpossessory;(B)  does not bear executive rights, the right of ingress and egress, the right to receive bonus payments, or the right to receive delay rentals; and(C)  is accordingly not subject to expenses of exploration, development, production, operation, maintenance, or abandonment, or other expenses associated with extracting and marketing the minerals subject to the interest;(3)  the interest is reasonably valued on the books of the state bank for not more than a nominal amount, and the aggregate amount of earnings from such interests is separately disclosed in the annual financial statements of the state bank;(4)  the state bank does not make any new investments relating to the interests without the approval of the banking commissioner; and(5)  the banking commissioner determines that the possession of such interests is not inconsistent with the safety and soundness of the state bank.(b)  The banking commissioner may order a state bank that holds nonparticipating royalty interests to divest such interests at any time if the banking commissioner determines that continued ownership of such interests is detrimental to the state bank.(c)  Subject to compliance with this section, nonparticipating royalty interests are not considered to be real property for purposes of this subtitle.|Added by Acts 2007, 80th Leg., R.S., Ch. 110 (H.B. 2007), Sec. 4, eff. September 1, 2007.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 940 (H.B. 1664), Sec. 8, eff. June 14, 2013.|
TX Fin Code § 34.102 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 34 - Investments, Loans, and Deposits|Subchapter B. Investments|Section 34.102. Transaction in Bank Shares

Sec. 34.102.  TRANSACTION IN BANK SHARES.  (a)  A state bank may not acquire a lien by pledge or otherwise on its own shares, or otherwise purchase or acquire title to its own shares, except:(1)  as necessary to avoid or minimize a loss on a loan or investment previously made in good faith; or(2)  as provided by Subsection (b).(b)  With the prior written approval of the banking commissioner or as permitted by rules adopted under this subtitle, a state bank may acquire title to its own shares and hold those shares as treasury stock.  Treasury stock acquired under this subsection is not considered an equity investment.(c)  If a state bank acquires a lien on or title to its own shares under this section, the lien may not by its original terms extend for more than two years.  Except with the prior written approval of the banking commissioner, the bank may not hold title to its own shares for more than one year.(d)  A state bank may make loans on the collateral security of securities issued by an affiliate, if the loan is subject to and in compliance with the provisions of Sections 23A and 23B, Federal Reserve Act (12 U.S.C. Sections 371c and 371c-1), as amended, applicable to nonmember insured state banks by virtue of Section 18(j)(1), Federal Deposit Insurance Act (12 U.S.C. Section 1828(j)(1)), as amended.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 412, Sec. 2.12, eff. Sept. 1, 2001.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 36, eff. September 1, 2007.|
TX Fin Code § 34.104 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 34 - Investments, Loans, and Deposits|Subchapter B. Investments|Section 34.104. Mutual Funds

Sec. 34.104.  MUTUAL FUNDS.  (a)  A state bank may invest for its own account in equity securities of an investment company registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1 et seq.) and the Securities Act of 1933 (15 U.S.C. Section 77a et seq.) if the portfolio of the investment company consists wholly of investments in which the bank could invest directly for its own account.(b)  If the portfolio of an investment company described by Subsection (a) consists wholly of investments in which the bank could invest directly without limitation, the bank may invest in the investment company without limitation.(c)  The bank may invest not more than an amount equal to 15 percent of the bank's unimpaired capital and surplus in an investment company described by Subsection (a) the portfolio of which contains an investment or obligation in which the bank could not invest directly without limitation under this chapter.(d)  A state bank that invests in an investment company as provided by Subsection (c) shall periodically determine that its pro rata share of any security in the portfolio of the investment company combined with the bank's pro rata share of that security held by all other investment companies in which the bank has invested and with the bank's own direct investment and loan holdings is not in excess of applicable investment and lending limitations.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 110 (H.B. 2007), Sec. 7, eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 37, eff. September 1, 2007.|
TX Fin Code § 34.106 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle A - Banks|Chapter 34 - Investments, Loans, and Deposits|Subchapter B. Investments|Section 34.106. Investments to Promote Community Development

Sec. 34.106.  INVESTMENTS TO PROMOTE COMMUNITY DEVELOPMENT.  (a)  A state bank may make investments of a predominantly civic, community, or public nature, including investments providing housing, services, or jobs or promoting the welfare of low-income and moderate-income communities or families.(b)  The bank may make the investments directly or by purchasing equity securities in an entity primarily engaged in making those investments.  The bank may not make an investment that would expose the bank to unlimited liability.(c)  A bank may serve as a community partner and make investments in a community partnership, as those terms are defined by the Riegle Community Development and Regulatory Improvement Act of 1994 (Pub. L. 103-325).(d)  A bank's aggregate investments under this section may not exceed an amount equal to 15 percent of the bank's unimpaired capital and surplus. (e)  Notwithstanding any other law, a bank's exposure to a single project or entity described by this section, including all investments, loans, and commitments for loans, may not exceed 25 percent of the bank's unimpaired capital and surplus without the prior authorization of the banking commissioner in response to a written application.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 412, Sec. 2.13, eff. Sept. 1, 2001.Amended by: Acts 2019, 86th Leg., R.S., Ch. 4 (S.B. 726), Sec. 1, eff. September 1, 2019.Acts 2019, 86th Leg., R.S., Ch. 4 (S.B. 726), Sec. 2, eff. September 1, 2019.|