reglab/housing_qa huggingface dataset:
TX Fin Code § 182.018 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter A. Organization and Powers in General|Section 182.018. Action After Revocation of Exemption

Sec. 182.018.  ACTION AFTER REVOCATION OF EXEMPTION.  (a)  A state trust company must comply with all of the provisions of Sections 182.003(b) and (c) not later than the fifth day after the date the revocation of the exemption takes effect.  If, however, the banking commissioner determines at the time of revocation that the state trust company has been engaging in or attempting to engage in acts intended or designed to deceive or defraud the public, the banking commissioner, in the banking commissioner's sole discretion, may waive the compliance period provided by this subsection.(b)  If within the period prescribed by Subsection (a) the state trust company does not comply with all of the provisions of this subtitle, including capitalization requirements determined by the banking commissioner as necessary to assure the safety and soundness of the state trust company, the banking commissioner may:(1)  institute any action or remedy prescribed by this subtitle or any applicable rule;  or(2)  refer the state trust company to the attorney general for institution of a quo warranto proceeding to revoke the state trust company's charter.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 182.019 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter A. Organization and Powers in General|Section 182.019. Prior Exemption

Sec. 182.019.  PRIOR EXEMPTION.  (a)  Subject to Subsection (b), a state trust company that was exempt before September 1, 1997, may no longer operate with that prior exempt status after the earlier of:(1)  September 1, 2020; or(2)  the date control is sold or otherwise transferred.(b)  A state trust company may apply for a new exemption under Section 182.011 before loss of its exempt status under Subsection (a).|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.Amended by: Acts 2015, 84th Leg., R.S., Ch. 250 (S.B. 875), Sec. 9, eff. September 1, 2015.|
TX Fin Code § 182.020 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter A. Organization and Powers in General|Section 182.020. Foreign Corporation Exercising Trust Powers

Sec. 182.020.  FOREIGN CORPORATION EXERCISING TRUST POWERS.  (a)  A foreign corporation may not conduct a trust business in this state.  A foreign corporation may control a state trust company in this state if the state trust company is formed or acquired and operated as provided by this subtitle and applicable rules.(b)  A foreign corporation or other entity chartered or domiciled in another jurisdiction as a trust company or depository institution with trust powers may act as a trustee in this state only as provided by Subchapter A, Chapter 505, Estates Code.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.Amended by: Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.016, eff. September 1, 2015.|
TX Fin Code § 182.0211 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter A. Organization and Powers in General|Section 182.0211. Conformance With Securities Act

Sec. 182.0211.  CONFORMANCE WITH SECURITIES ACT.  For the purposes of Section 182.021(7), "salesman" includes "agent" and "advisor" includes "investment adviser" or "investment adviser representative."|Added by Acts 2001, 77th Leg., ch. 1091, Sec. 4.03, eff. Sept. 1, 2001.|
TX Fin Code § 182.102 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter B. Amendment of Certificate; Changes in Capital and Surplus|Section 182.102. Establishing Series of Shares or Participation Shares

Sec. 182.102.  ESTABLISHING SERIES OF SHARES OR PARTICIPATION SHARES.  (a)  If the certificate of formation expressly gives the board authority to establish series and determine the preferences, limitations, and relative rights of each series, the board may do so only on compliance with this section and any rules adopted under this chapter.(b)  A series of shares or participation shares may be established in the manner provided by the Business Organizations Code, but the shares or participation shares of the series may not be issued and sold except on compliance with Section 182.103.  The state trust company shall file the original and one copy of the statement of action required by the Business Organizations Code with the banking commissioner.(c)  Unless the submission presents novel or unusual questions, the banking commissioner shall approve or reject the series not later than the 31st day after the date the banking commissioner considers the submission informationally complete and accepted for filing.  The banking commissioner may require the submission of additional information as considered necessary to an informed decision.(d)  If the banking commissioner finds that the interests of the clients and creditors of the state trust company will not be adversely affected by the series, that the series otherwise conforms to law and any conditions imposed by the banking commissioner, and that any required filing fee has been paid, the banking commissioner shall:(1)  endorse the face of the original and copy of the statement with the date of approval and the word "Approved";(2)  file the original in the department's records;  and(3)  deliver a certified copy of the statement to the state trust company.|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. 71, eff. September 1, 2007.Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 22, eff. June 14, 2013.|
TX Fin Code § 182.103 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter B. Amendment of Certificate; Changes in Capital and Surplus|Section 182.103. Change in Restricted Capital

Sec. 182.103.  CHANGE IN RESTRICTED CAPITAL.  (a)  A state trust company may not reduce or increase its restricted capital through dividend, redemption, issuance of shares or participation shares, or otherwise without the prior approval of the banking commissioner, except as permitted by this section or rules adopted under this chapter.(b)  Unless otherwise restricted by rules, prior approval is not required for an increase in restricted capital accomplished through:(1)  issuance of shares of common stock or their equivalent in participation shares for cash, or a cash contribution to surplus by shareholders or participants that does not result in issuance of additional common stock or other securities;(2)  declaration and payment of pro rata share dividends as defined by the Business Organizations Code; or(3)  adoption by the board of a resolution directing that all or part of undivided profits be transferred to restricted capital.(c)  Prior approval is not required for:(1)  a decrease in restricted capital caused by losses in excess of undivided profits; or(2)  a change in restricted capital resulting from accounting adjustments required by a transaction approved by the banking commissioner if the accounting adjustments are reasonably disclosed in the submitted application.|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. 735 (H.B. 2754), Sec. 13, eff. September 1, 2007.|
TX Fin Code § 182.104 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter B. Amendment of Certificate; Changes in Capital and Surplus|Section 182.104. Capital Notes or Debentures

Sec. 182.104.  CAPITAL NOTES OR DEBENTURES.  (a)  With the prior written approval of the banking commissioner, a state trust company may at any time through action of its board, and without requiring action of its shareholders or participants, issue and sell its capital notes or debentures.  The notes or debentures must be subordinate to the claims of depositors and may be subordinate to other claims, including the claims of other creditors or classes of creditors or the shareholders or participants.(b)  Capital notes or debentures may be convertible into shares or participation shares of any class or series.  The issuance and sale of convertible capital notes or debentures are subject to satisfaction of preemptive rights, if any, to the extent provided by law.(c)  Without the prior written approval of the banking commissioner, a state trust company may not pay interest due or principal repayable on outstanding capital notes or debentures when the state trust company is in hazardous condition or insolvent, as determined by the banking commissioner, or to the extent that payment will cause the state trust company to be in hazardous condition or insolvent.(d)  The amount of any outstanding capital notes or debentures that meet the requirements of this section and that are subordinated to unsecured creditors of the state trust company may be included in equity capital of the state trust company for purposes of determining hazardous condition or insolvency, and for such other purposes provided by rules adopted under this subtitle.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 182.105 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter B. Amendment of Certificate; Changes in Capital and Surplus|Section 182.105. Board Designation of Certified Surplus

Sec. 182.105.  BOARD DESIGNATION OF CERTIFIED SURPLUS.  Periodically the board may vote to designate and record in its minutes the amount of certified surplus.  Except to absorb losses in excess of undivided profits and uncertified surplus, certified surplus may not be reduced without the prior written approval of the banking commissioner.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 182.201 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter C. State Trust Company Offices|Section 182.201. Conduct of Trust Business

Sec. 182.201.  CONDUCT OF TRUST BUSINESS.  A state trust company may engage in the trust business at its home office and at other locations as permitted by this subchapter.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 182.202 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter C. State Trust Company Offices|Section 182.202. Home Office

Sec. 182.202.  HOME OFFICE.  (a)  Each state trust company must have and continuously maintain in this state a home office.  The home office must be a location at which the state trust company does business and keeps its corporate books and records.  At least one executive officer must maintain an office at the home office.(b)  Repealed by Acts 2007, 80th Leg., R.S., Ch. 244, Sec. 3, eff. September 1, 2007.(c)  A state trust company may change its home office to any location in this state, if the location that is the home office before the change remains an office of the state trust company at which the state trust company does business.  To change the location of its home office, the state trust company must file a written notice with the banking commissioner setting forth the name of the state trust company, the street address of its home office before the change, the street address to which the home office is to be changed, and a copy of the resolution adopted by the board authorizing the change.  The change of home office takes effect on the 31st day after the date the banking commissioner receives the notice.(d)  A relocation of a state trust company's home office may not be made, and another action that would effect an abandonment of the state trust company's initial home office may not be taken, without the prior written approval of the banking commissioner.  The state trust company must establish to the satisfaction of the banking commissioner that the abandonment is consistent with the original determination of public convenience and advantage for the establishment of a state trust company at that location.|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. 244 (H.B. 2219), Sec. 3, eff. September 1, 2007.|
TX Fin Code § 182.203 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter C. State Trust Company Offices|Section 182.203. Additional Offices

Sec. 182.203.  ADDITIONAL OFFICES.  (a)  A state trust company may establish and maintain additional offices. To establish an additional office, the state trust company must file a written notice with the banking commissioner setting forth the name of the state trust company, the street address of the proposed additional office, a description of the activities proposed to be conducted at the additional office, and a copy of the resolution adopted by the board authorizing the additional office.(b)  A state trust company may not commence business at the additional office before the 31st day after the date the banking commissioner receives the notice, unless the banking commissioner specifies an earlier or later date.  The banking commissioner may specify a later date on a determination that the written notice raises issues that require additional information or additional time for analysis.  If a later date is specified, the state trust company may establish the additional office only on prior written approval by the banking commissioner.  The banking commissioner may deny permission to establish an additional office of the state trust company if the banking commissioner has a significant supervisory or regulatory concern regarding the proposed additional office, the applicant, or an affiliate.|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. 6.012(a), eff. Sept. 1, 2001.|
TX Fin Code § 182.301 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter D. Merger|Section 182.301. Merger Authority

Sec. 182.301.  MERGER AUTHORITY.  (a)  Two or more trust institutions, corporations, or other entities with the authority to participate in a merger, at least one of which is a state trust company, may adopt and implement a plan of merger in accordance with this section.  The merger may not be made without the prior written approval of the banking commissioner if any surviving, new, or acquiring entity that is a party to the merger or created by the terms of the merger is a state trust company or is not a trust institution.(b)  Implementation of the plan of merger by the parties and approval of the board, shareholders, participants, or owners of the parties must be made or obtained as provided by the Business Organizations Code as if the state trust company were a filing entity and all other parties to the merger were foreign entities, except as otherwise provided by rules adopted under this chapter.|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. 72, eff. September 1, 2007.Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 23, eff. June 14, 2013.|
TX Fin Code § 182.302 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter D. Merger|Section 182.302. Merger Application; Grounds for Approval

Sec. 182.302.  MERGER APPLICATION;  GROUNDS FOR APPROVAL.  (a)  To apply for approval of a merger, the parties must submit the original certificate of merger, a number of copies of the certificate of merger equal to the number of surviving, new, and acquiring entities, and an application in the form required by the banking commissioner.  The banking commissioner may require the submission of additional information as considered necessary to an informed decision.(b)  The banking commissioner shall investigate the condition of the merging parties.(c)  The banking commissioner may approve the merger if:(1)  each resulting state trust company:(A)  has complied with the statutes and rules relating to the organization of a state trust company;  and(B)  will be solvent and have adequate capitalization for its business and location;(2)  all obligations and liabilities of each trust company that is a party to the merger have been properly discharged or otherwise lawfully assumed or retained by a trust institution or other fiduciary;(3)  each surviving, new, or acquiring person that is not authorized to engage in the trust business will not engage in the trust business and has complied with the laws of this state;  and(4)  all conditions imposed by the banking commissioner have been satisfied or otherwise resolved.|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. 6.013(a), eff. Sept. 1, 2001.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 24, eff. June 14, 2013.|
TX Fin Code § 182.303 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter D. Merger|Section 182.303. Approval of Banking Commissioner

Sec. 182.303.  APPROVAL OF BANKING COMMISSIONER.  (a)  If the banking commissioner approves the merger and finds that all required filing fees and investigative costs have been paid, the banking commissioner shall:(1)  endorse the face of the original and each copy of the certificate of merger with the date of approval and the word "Approved";(2)  file the original in the department's records; and(3)  deliver a certified copy of the certificate of merger to each surviving, new, or acquiring entity.(b)  A merger is effective on the date of approval, unless the merger agreement provides and the banking commissioner consents to a different effective date.|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. 25, eff. June 14, 2013.|
TX Fin Code § 182.304 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 182 - Powers, Organization, and Financial Requirements|Subchapter D. Merger|Section 182.304. Rights of Dissenters to Merger

Sec. 182.304.  RIGHTS OF DISSENTERS TO MERGER.  A shareholder, participant, or participant-transferee may dissent from the merger to the extent and by following the procedure provided by the Business Organizations Code or rules adopted under this subtitle.|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. 73, eff. September 1, 2007.|
TX Fin Code § 182.401 (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 182.401. Authority to Purchase Assets

Sec. 182.401.  AUTHORITY TO PURCHASE ASSETS.  (a)  A state trust company may purchase assets from another trust institution, including the right to control accounts established with the trust institution, or assets from another seller, except that the prior written approval of the banking commissioner is required if the purchase price exceeds an amount equal to three times the sum of the trust company's equity capital less intangible assets.  The finance commission by rule may require a state trust company to obtain the prior written approval of the banking commissioner for a transaction not otherwise subject to approval that involves potentially substantial risks to the safety and soundness of the purchasing trust company.(b)  Except as otherwise expressly provided by this section or another statute, the purchase of all or part of the assets of the selling entity does not make the purchasing state trust company responsible for any liability or obligation of the selling entity that the purchasing state trust company does not expressly assume.(c)  If prior approval of the banking commissioner is required under this section, an application in the form required by the banking commissioner must be filed with the banking commissioner.  The banking commissioner shall investigate the condition of the purchaser and seller and may require the submission of additional information as considered necessary to make an informed decision.(d)  The banking commissioner shall approve the application to purchase if:(1)  the purchasing state trust company:(A)  has complied with all applicable statutes and rules; and(B)  will be solvent and have sufficient capitalization for its business and location;(2)  all fiduciary obligations and liabilities of each trust institution that is a party to the purchase or sale of assets have been properly discharged or otherwise lawfully assumed or retained by a trust institution or other fiduciary;(3)  all conditions imposed by the banking commissioner have been satisfied or otherwise resolved; and(4)  all fees and costs have been paid.(e)  A purchase subject to prior approval is effective on the date of approval unless the purchase agreement provides for and the banking commissioner consents to a different effective date.(f)  If the purchase transaction includes all or substantially all of the assets of another trust institution or other fiduciary, the acquiring state trust company shall succeed by operation of law to all of the rights, privileges, and fiduciary obligations of the selling trust institution or other fiduciary under each account included in the assets acquired.|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. 6.014(a), eff. Sept. 1, 2001.Amended by: Acts 2007, 80th Leg., R.S., Ch. 735 (H.B. 2754), Sec. 14, eff. September 1, 2007.|