reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 17 - TRUST COMPANY REGULATION › Subchapter B - EXAMINATION AND CALL REPORTS › Section 17.23 - Call Reports

Current through Reg. 49, No. 28; July 12, 2024
(a) Call report. As
				  used in this section, the term "call report" means a statement of condition and
				  income and results of operations of a trust company as mandated by the banking
				  commissioner pursuant to Finance Code, §
										RSA
				  181.107.
(b) Reporting requirements of trust
				  companies.
(1) Public trust companies. Each
				  trust company that transacts business with the public shall file four call
				  reports annually with the banking commissioner. Such call reports must be filed
				  with the banking commissioner no later than April 30, July 31, and October 31
				  of each year, and by January 31 of the subsequent year.
(2) Exempt trust companies. Each trust
				  company that is exempt pursuant to Finance Code, §
											RSA
				  182.011 or §
											RSA 182.019 shall
				  file an annual call report with the banking commissioner no later than April 30
				  of each year relating to the preceding calendar year, accompanied by its annual
				  certification, required by Finance Code, §
											RSA
				  182.013(a), that the trust
				  company is maintaining the conditions and limitations of its
				  exemption.
(3) Call report forms.
				  The call report forms, the instructions for completing the reports and the
				  accompanying materials will be furnished by the banking commissioner to all
				  trust companies subject to this subsection, or may be obtained upon request
				  from the Texas Department of Banking, 2601 North Lamar Boulevard, Austin, Texas
				  78705-4294. The banking commissioner may make such modifications and additions
				  to call report form and contents under this subsection as considered necessary
				  in the discretionary discharge of the banking commissioner's duties. A trust
				  company must submit all information requested on the call report
				  form.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 19 - TRUST COMPANY LOANS AND INVESTMENTS › Subchapter B - INVESTMENTS › Section 19.22 - Investments in Mutual Funds

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Subject to Finance Code, §
										RSA
				  184.101(f), and this
				  section, a trust company may invest for its own account in a mutual fund as
				  defined in Finance Code, §
										RSA
				  181.002(a)(31), unless the
				  mutual fund portfolio contains an investment that the trust company could not
				  make directly.
(b) Notwithstanding
				  the limits stated in Finance Code, §
										RSA
				  184.101(c), a trust company
				  may invest in a mutual fund not more than an amount equal to 15% of the trust
				  company's restricted capital unless a larger investment is permitted under
				  subsection (c) of this section. Pursuant to Finance Code, §
										RSA
				  184.101(c), the banking
				  commissioner may authorize investments in excess of this limitation on written
				  application if the banking commissioner concludes that:
(1) the excess investment is not prohibited
				  by other applicable law; and
(2)
				  the safety and soundness of the requesting trust company is not adversely
				  affected.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.1 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
Words and terms used in this chapter that are defined in
					 the Trust Company Act, have the same meanings as defined therein. The following
					 words and terms, when used in this chapter, shall have the following meanings,
					 unless the context clearly indicates otherwise.
(1) Accepted filing--An application, request,
				  notice, or protest filed under the Trust Company Act, this chapter, or another
				  rule adopted pursuant to the Trust Company Act, for which the appropriate fee
				  has been paid pursuant to §
										RSA
				  21.2 of this title (relating to Filing and
				  Investigative Fees), and regarding which the banking commissioner has notified
				  the person or entity who submitted the filing, in writing, that the submission
				  is complete and has been accepted for filing.
(2) Additional office--A location of a trust
				  company other than the trust company's home office, at which the trust company
				  engages in the trust business.
(3)
				  Day--A calendar day.
(4) Eligible
				  trust company--A Texas chartered trust company that:
(A) possesses capital and surplus that equals
				  or exceeds current minimum statutory or regulatory requirements;
(B) received a satisfactory rating at the
				  most recent examination by the department or federal regulatory
				  agencies;
(C) is not operating in
				  violation of a regulatory condition or commitment letter; and
(D) is not operating under a memorandum of
				  understanding, determination letter or other notice of determination, order to
				  cease and desist, or other state or federal administrative enforcement
				  order.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.3 - Expedited Filings

Current through Reg. 49, No. 28; July 12, 2024
(a) Eligible trust
				  companies may file an expedited filing according to forms and instructions
				  provided by the department solely for home office relocations within the same
				  city pursuant to Finance Code, §
										RSA
				  182.202(d), and §
										RSA
				  21.41(b) of this title
				  (relating to Written Notice and Application for Change of Home Office),
				  together with the fee required by §
										RSA
				  21.2 of this title (relating to Filing and
				  Investigation Fees). Notice must be published as required by §
										RSA
				  21.41(e) of this
				  title.
(b) Notwithstanding another
				  provision of this section, the banking commissioner may deny expedited filing
				  treatment to an eligible trust company, in the exercise of discretion, if the
				  banking commissioner finds that the filing involves one or more of the
				  following:
(1) the proposed transaction
				  involves significant policy, supervisory, or legal issues;
(2) approval of the proposed transaction is
				  contingent on additional statutory or regulatory approval by the banking
				  commissioner or another state or federal regulatory agency;
(3) the proposed transaction will result in a
				  fixed asset investment in excess of the limitation contained in Finance Code,
				  §
											RSA
				  184.002(a);
(4) the proposed transaction significantly
				  impacts the strategic plan of the trust company;
(5) the proposed transaction would cause
				  capital and surplus to fall below current minimum statutory or regulatory
				  requirements;
(6) the proposed
				  transaction involves an issue of regulatory concern as determined by the
				  banking commissioner in the exercise of discretion; or
(7) the application is deficient and specific
				  additional information is required, or the filing fee has not been
				  paid.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.4 - Required Information and Abandoned Filings

Current through Reg. 49, No. 28; July 12, 2024
(a) Required information. The banking
				  commissioner may investigate and evaluate facts related to a submitted filing
				  or accepted filing to the extent necessary to reach an informed decision. The
				  banking commissioner may require any person or entity connected with the matter
				  to which the submitted or accepted filing pertains to submit additional
				  information, including, but not limited to, an opinion of counsel with respect
				  to a matter of law or an opinion, review or compilation prepared by a certified
				  public accountant.
(b) Accepted for
				  filing. On or before the 15th day after initial submission of an application,
				  the banking commissioner shall issue a written notice informing the applicant
				  either that all filing fees have been paid and the application is complete and
				  accepted for filing, or that the application is deficient and specific
				  additional information is required.
(c) Time limit for providing required
				  information. Unless otherwise provided for in the Trust Company Act, this
				  chapter or rules and regulations adopted pursuant to the Trust Company Act, all
				  required information necessary for the banking commissioner to declare that a
				  submission is an accepted filing shall be provided to the department on or
				  before the 61st day after the date of the initial submission of the filing.
				  Upon a finding of good and sufficient cause, the banking commissioner shall
				  grant an applicant additional time to complete the application. Extensions will
				  be communicated to the applicant before the expiration of the filing
				  period.
(d) Abandoned filing. The
				  banking commissioner may determine any submitted or accepted filing to be
				  abandoned, without prejudice to the right to refile, if the information
				  required by the Trust Company Act, this chapter, or any rule or regulation
				  adopted pursuant to the Trust Company Act, or additional requested information,
				  is not furnished within the time period specified by subsection (c) of this
				  section or as requested by the banking commissioner in writing to the person or
				  entity making the submission. The banking commissioner may determine a
				  submitted or accepted filing for which fees required by the Trust Company Act
				  or by this chapter are not paid within 30 days of receipt of the initial
				  submission to be abandoned.
(e)
				  Notice. The banking commissioner shall give written notice of any submitted or
				  accepted filing considered to be abandoned. Notice of abandonment shall be
				  effective upon mailing by the department. Fees paid related to an abandoned
				  filing are nonrefundable.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.7 - Submission of Reproductions

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Scope. This section governs submission of specified forms of copies of original
				  documents to the Texas Department of Banking (the department) for processing by
				  the corporate activities division of the department pursuant to this chapter,
				  and does not permit, prohibit, or affect correspondence with or documents
				  submitted to the department for another purpose, including:
(1) applications submitted to the special
				  audits division of the department; and
(2) documents submitted to the department as
				  required or permitted by Government Code, Chapter 2001, and Chapter 9 of this
				  title (relating to Rules of Procedure for Contested Case Hearings, Appeals, and
				  Rulemaking).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.9 - Corporate Filings

Current through Reg. 49, No. 28; July 12, 2024
(a) In accordance
				  with the applicable provisions of the Trust Company Act, the following
				  corporate forms regarding a state trust company, along with the applicable
				  filing fees, must be filed with the banking commissioner:
(1) a certificate of correction as authorized
				  by Texas Business Organizations Code (TBOC), §4.101;
(2) certificate of amendment under the
				  Finance Code, §
											RSA
				  182.101;
(3) restated, or, amended and restated,
				  certificate of formation under the Finance Code, §
											RSA
				  182.101, and TBOC §3.059 and
				  §21.052;
(4) certificate of
				  merger under the Finance Code, §
											RSA 182.301 et
				  seq, as supplemented by the TBOC §10.151;
(5) certificate of exchange under TBOC,
				  §10.151;
(6) statement of
				  event or fact pursuant to TBOC §4.055;
(7) establishment of a series of shares by
				  the board of directors under the Finance Code, §
											RSA
				  182.102, as supplemented by TBOC §21.155
				  and §21.156;
(8) statement
				  regarding a restriction on the transfer of shares under TBOC, §21.212;
				  and
(9) abandonment of a merger or
				  interest exchange prior to its effective date under TBOC §4.057.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.10 - Protested Applications

Current through Reg. 49, No. 28; July 12, 2024
(a) A
				  protest of a charter application must be received by the department before the
				  15th day after the date the organizers publish notice and must be accompanied
				  by any fee required by §
										RSA
				  21.5(b) of this title
				  (relating to Public Notice). If the protest is untimely, the department will
				  return all fees and deposits to the protesting party. If the protest is timely,
				  the department shall notify the applicant of the protest and mail or deliver a
				  complete copy of the nonconfidential sections of the charter application to the
				  protesting party before the 15th day after the later of the date of receipt of
				  the protest or receipt of the charter application.
(b) A protesting party must file a detailed
				  protest responding to each contested statement in the nonconfidential portion
				  of the application not later than the 20th day after the date the protesting
				  party receives the application from the department. The protesting party must
				  relate each statement and response in his protest to the standards for approval
				  set forth in Finance Code §
										RSA
				  182.003(b).
(c) The applicant must file a written reply
				  to the protesting party's detailed response on or before the 10th day after the
				  date the response is filed.
(d) The
				  protesting party's response and the applicant's reply must be in the form and
				  must be served as required by Finance Code §
										RSA
				  182.005(b). Any comment
				  received by the department and any reply of the applicant to the comment shall
				  be made available to the protesting party.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.11 - Hearings on Applications

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  The banking commissioner may not be compelled to hold a hearing before granting
				  or denying the charter application. He may grant a hearing at the request of an
				  applicant or a protesting party. He may order a hearing without any party
				  having requested one.
(b) A party
				  requesting a hearing must indicate with specificity the issues involved that
				  cannot be determined on the basis of the record complied under §21.10(b) -
				  (d) of this title (relating to Protested Applications) and why the issues
				  cannot be determined.
(c) If the
				  banking commissioner sets a hearing, he shall conduct a public hearing and one
				  or more prehearing conferences as he considers advisable and consistent with
				  applicable law. He shall also allow the parties to undertake such discovery as
				  he considers advisable and consistent with applicable law, except that he may
				  not permit discovery of confidential information in the charter application or
				  the investigation report.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.12 - Waiver of Requirements

Current through Reg. 49, No. 28; July 12, 2024
The banking commissioner in the exercise of discretion may
					 waive or modify any requirement imposed by this chapter.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter B - TRUST COMPANY CHARTERING AND POWERS › Section 21.23 - Option To Withhold Identity of Officers

Current through Reg. 49, No. 28; July 12, 2024
An applicant for a trust company charter may, at its
					 option, withhold the identity of prospective officers until such time as the
					 banking commissioner issues a final order on the application. Approval of the
					 application will be conditional upon the applicant's submitting resumes of
					 qualified proposed officers to the banking commissioner. Upon receipt of the
					 resumes, the banking commissioner shall review and investigate the
					 qualification of the proposed officers and deliver the certificate of authority
					 pursuant to Finance Code, §
										RSA 182.006,
					 if the banking commissioner finds that the proposed officers meet the
					 requirements of Finance Code, §
										RSA
					 182.003(b)(3).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter B - TRUST COMPANY CHARTERING AND POWERS › Section 21.24 - Exemptions for Family Trust Companies

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. Definitions in Finance Code,
				  §
										RSA
				  182.011(a - 1), are incorporated herein by
				  reference except for the term "family member." As used in this section and in
				  Finance Code, Title 3, Subtitle F (the Trust Company Act), the following words
				  and terms shall have the following meanings, unless the context clearly
				  indicates otherwise:
(1) "Family" means
				  individuals who are related within the seventh degree of affinity or
				  consanguinity to a shared common ancestor.
(2) "Family member" means each individual
				  included in the definition of "family," provided that a foster child is
				  considered the child of the foster parent and a person for whom a guardian was
				  appointed before the person's 18th birthday is considered the child of the
				  guardian. The term "family member" also includes the shared common
				  ancestor.
(3) "Key employee" means
				  the president of the trust company, any of its officers in charge of a
				  principal business unit, division or function (such as administration or
				  finance), an officer who performs a policymaking function for the trust
				  company, or another person who performs similar policymaking functions for the
				  trust company.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter C - TRUST DEPOSITS › Section 21.31 - Notice to Engage in Trust Deposits

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Compliance required. A trust company may not deposit trust funds with itself as
				  an investment pursuant to Finance Code, §
										RSA 184.301,
				  unless it first complies with this section and §
										RSA
				  21.32 of this title (relating to Acceptance
				  of Trust Deposits).
(b) Notice of
				  activity. At least 30 days before accepting trust deposits, a trust company
				  shall file a notice with the banking commissioner containing the following
				  information, together with the filing fee required by §
										RSA
				  21.2 of this title (relating to Filing and
				  Investigation Fees):
(1) an estimate of the
				  anticipated dollar volume of trust deposits, an estimate of the maximum trust
				  deposit for any one account, and an estimate of the total number of accounts
				  that will invest in trust deposits;
(2) a copy of the added or revised portion of
				  the trust company's strategic plan that addresses the acceptance of trust
				  deposits, in compliance with Texas Department of Banking Policy Memorandum
				  Number 1009, regarding strategic plans;
(3) if trust deposits are to be insured by
				  the Federal Deposit Insurance Corporation (FDIC), or its successor, evidence of
				  such insurance;
(4) if trust
				  deposits are to be secured by a pledged fund of securities:
(A) a description of the initial fund of
				  securities securing the anticipated trust deposits, including disclosure of
				  current market value and an evaluation of the securities under the standards of
				  Finance Code, §
												RSA
				  184.101(e); and
(B) identification of the federal reserve
				  bank, state or nationally chartered depository institution, or clearing
				  corporation, that controls the securities pledged against the trust deposits
				  and a copy of the executed pledge agreement with such institution;
(5) if trust deposits are to be
				  secured by a pledged certificate of deposit:
(A) evidence of the certificate of deposit
				  that discloses its value and associated costs, including penalties, for early
				  redemption or withdrawal; and
(B)
				  identification of the FDIC-insured depository institution that issued the
				  certificate of deposit, a copy of the executed pledge agreement with such
				  institution, and an acknowledgment of the pledge from the issuing
				  institution;
(6) a
				  certified copy of a board resolution directing management of the trust company
				  to:
(A) maintain adequate security and/or
				  FDIC insurance to fully secure and/or insure the trust deposits; and
(B) maintain adequate policies, procedures,
				  and records regarding trust deposits; and
(7) such other information that the banking
				  commissioner may reasonably request.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter C - TRUST DEPOSITS › Section 21.32 - Acceptance of Trust Deposits

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Compliance required. A trust company may not deposit trust funds with itself as
				  an investment pursuant to Finance Code, §
										RSA 184.301,
				  unless it first complies with this section and §
										RSA
				  21.31 of this title (relating to Notice to
				  Engage in Trust Deposits). Trust deposits must be fully insured by deposit
				  insurance issued by the Federal Deposit Insurance Corporation (FDIC), or its
				  successor, or fully secured by a separate fund of pledged securities, by
				  pledged certificates of deposit, or a combination of the foregoing.
(b) Pledged collateral. A separate fund of
				  securities or certificates of deposit that are pledged to secure trust deposits
				  must be maintained in a federal reserve bank, a state or nationally chartered
				  depository institution, or a clearing corporation, as defined by Business &
				  Commerce Code, §8.102, either in this state or elsewhere, and must:
(1) for a fund of securities, contain only
				  bonds, notes, or other evidences of indebtedness which are investment grade,
				  convertible to cash within three business days, at least 80% of which have a
				  maturity date of not later than the 91st day after the date of purchase. For
				  purposes of this subsection, investment grade refers to a security that is
				  rated "Baa" or better by Moody's or "BBB" or better by Standard & Poor's
				  rating services in accordance with the terms of the Uniform Agreement on
				  Classification Of Assets And Appraisal Of Securities by the Federal Financial
				  Institutions Examination Council;
(2) for a fund of securities, the value of
				  the securities must at all times equal or exceed 110% of the deposits held plus
				  accrued and unpaid interest; provided, however, that if the value of the
				  securities is evaluated daily and reduced to writing, the value of the
				  securities must at all times equal or exceed 100% of the deposits held plus
				  accrued and unpaid interest. In any event, the value of the securities must be
				  evaluated at least monthly to ensure that the deposits are fully secured;
				  and
(3) for a certificate of
				  deposit, be fully insured by the FDIC.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter D - TRUST COMPANY OFFICES › Section 21.42 - Establishment, Relocation and Closing of an Additional Office

Current through Reg. 49, No. 28; July 12, 2024
(a) Establishment
				  or relocation by notice. A trust company may establish or relocate an
				  additional office pursuant to Finance Code, §
										RSA 182.203,
				  by filing a written notice with the banking commissioner containing all
				  information required by subsection (b) of this section, accompanied by the
				  required filing fee pursuant to §
										RSA
				  21.2 of this title (relating to Filing and
				  Investigation Fees), and notice of the submission must be published as required
				  by subsection (d) of this section. A trust company filing notice of an
				  additional office under this subsection may establish the additional office on
				  the 31st day after the date the required notice and fee are received by the
				  banking commissioner unless the banking commissioner gives notice in writing,
				  prior to the expiration of that time period, that an earlier or later date is
				  authorized or that additional information is required pursuant to subsection
				  (c) of this section.
(b) Contents
				  of notice. The notice filed under subsection (a) of this section must disclose:
(1) the name and home office location of the
				  trust company requesting the additional office;
(2) the street address of the trust company's
				  proposed additional office;
(3) a
				  description of the activities proposed to be conducted at the proposed
				  additional office;
(4) the desired
				  effective date for establishment of the additional office;
(5) a certified copy of the resolution
				  adopted by the trust company's board of directors authorizing the proposed
				  additional office;
(6) the cost to
				  be incurred in connection with the establishment of the additional office and a
				  statement of the impact of such cost on the trust company's ability to meet
				  liquidity requirements;
(7) a
				  description of any actual proposed, or contemplated financial involvement by
				  any officer, director, manager, managing participant, or principal shareholder
				  or participant of the trust company with respect to establishing the additional
				  office;
(8) evidence that the trust
				  company has considered applicable federal law, if any; and
(9) such other information as the banking
				  commissioner may require.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter D - TRUST COMPANY OFFICES › Section 21.43 - Representative Trust Offices of Federally Chartered or Federally Insured Out-of-State Banks

Current through Reg. 49, No. 28; July 12, 2024
(a) A bank
				  authorized by its charter to conduct a trust business that maintains its
				  principal office or a branch in this state in accordance with governing law may
				  freely establish one or more representative trust offices in this state to the
				  extent authorized by its primary regulator and governing law, except that a
				  foreign bank must comply with Finance Code §
										RSA
				  204.106 in lieu of this section.
(b) An out-of-state bank authorized by its
				  charter to conduct a trust business that has not established or acquired a
				  branch in this state may establish a representative trust office in this state:
(1) if not chartered by a federal banking
				  regulatory agency and not insured by the Federal Deposit Insurance Corporation,
				  only after complying with §
											RSA
				  21.44 of this title (relating to
				  Representative Trust Offices of Out-of-State Trust Companies and Uninsured
				  State Banks); or
(2) if chartered
				  by a federal banking regulatory agency or insured by the Federal Deposit
				  Insurance Corporation, after filing a written notice with the banking
				  commissioner disclosing:
(A) the name of the
				  institution and the address of its principal office;
(B) the physical address and the proposed
				  opening date of the proposed office;
(C) a description of proposed activities at
				  the office consistent with the limitations of Finance Code §
												RSA
				  187.201;
(D) copies of any regulatory notices,
				  filings, or publications required by the trust institution's home state
				  regulator and/or its primary federal regulator regarding the establishment of
				  the office; and
(E) a copy of the
				  institution's registration filed with the secretary of state pursuant to
				  Finance Code §
												RSA
				  201.102.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter D - TRUST COMPANY OFFICES › Section 21.44 - Representative Trust Offices of Out-of-State Trust Companies and Uninsured State Banks

Current through Reg. 49, No. 28; July 12, 2024
(a) Required
				  notice. An out-of-state trust company or a state-chartered bank, the deposits
				  of which are not insured by the Federal Deposit Insurance Corporation, may
				  establish an initial representative trust office in this state after
				  registration with the banking commissioner in accordance and in compliance with
				  Finance Code §
										RSA
				  187.202 and this section, provided that the
				  relevant home state regulator is a current party to regulatory information
				  sharing and cooperation agreements with the banking commissioner that satisfy
				  the requirements of Finance Code §
										RSA
				  181.303 and §
										RSA
				  187.301. At least 30 days before the proposed
				  opening date of the proposed office, the institution must submit a written
				  notice to the banking commissioner containing:
(1) the name of the institution and the
				  address of its principal office;
(2) the physical address and the proposed
				  opening date of the proposed office;
(3) a description of the proposed activities
				  at the office consistent with the limitations of Finance Code §
											RSA
				  187.201;
(4) a copy of the institution's chartering
				  document and evidence that the institution is active and in good
				  standing;
(5) a copy of the
				  resolution adopted by the board of the institution authorizing establishment of
				  the proposed office;
(6) a copy of
				  the institution's registration filed with the secretary of state pursuant to
				  Finance Code §
											RSA
				  201.102;
(7) copies of any home state regulatory
				  notices or filings required in connection with establishing the proposed office
				  in this state;
(8) contact
				  information for the institution's home state regulator;
(9) current financial statements evidencing
				  tangible equity capital, defined as the total of owner's equity, surplus, and
				  undivided profits reduced by the total of intangible assets, in an amount that
				  equals or exceeds the minimum amount of restricted capital required for a state
				  trust company pursuant to Finance Code §
											RSA 182.008;
				  and
(10) the executed agreement
				  required by subsection (b) of this section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter F - APPLICATION FOR MERGER, CONVERSION, OR SALE OF ASSETS › Section 21.62 - General

Current through Reg. 49, No. 28; July 12, 2024
Without the prior written consent of the banking
					 commissioner, a trust company may not consummate a merger, conversion, sale of
					 assets, purchase of assets, or share exchange. Except as otherwise provided by
					 Finance Code, Chapter 182, Subchapters D-F, or this subchapter, an application
					 must be filed with the banking commissioner for review and consideration of the
					 proposed transaction.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter F - APPLICATION FOR MERGER, CONVERSION, OR SALE OF ASSETS › Section 21.63 - Expedited Filings

Current through Reg. 49, No. 28; July 12, 2024
(a) An eligible
				  trust company as defined in §
										RSA
				  21.1(4) of this title
				  (relating to Definitions) may file an expedited filing in lieu of an
				  application required under §
										RSA
				  21.64 of this title (relating to Application
				  for Merger or Share Exchange) and simultaneously tender the required filing fee
				  pursuant to §
										RSA
				  21.2 of this title (relating to Filing and
				  Investigation Fees).
(b) An
				  expedited filing consists of a letter application including, except to the
				  extent waived by the banking commissioner, the following items:
(1) a summary of the transaction;
(2) a current pro forma balance sheet and
				  income statement for all parties to the transaction, with adjustments,
				  reflecting the proposed transaction as of the most recent quarter ended
				  immediately prior to the filing of the application, demonstrating that each
				  resulting trust company meets the statutory capital requirement or capital
				  requirement imposed by order or condition of the banking commissioner. The pro
				  forma must include a statement of fiduciary assets as well as corporate
				  assets;
(3) an executed opinion of
				  counsel conforming to the requirements of §
											RSA
				  21.64(b)(12) of this
				  title;
(4) copies of all other
				  required regulatory notices or filings submitted to other state or federal
				  regulatory agencies concerning the transaction; and
(5) a copy of the public notice published in
				  conformity with §
											RSA
				  21.64(d) of this
				  title.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter F - APPLICATION FOR MERGER, CONVERSION, OR SALE OF ASSETS › Section 21.69 - Rights of Dissenting Shareholders

Current through Reg. 49, No. 28; July 12, 2024
The rights of dissenting shareholders or participants to a
					 transaction under this subchapter may be governed by the Texas Business
					 Organizations Code or other applicable law relating to the rights of
					 dissenters, and applicants shall provide evidence of compliance with or
					 inapplicability of such provisions of law.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter F - APPLICATION FOR MERGER, CONVERSION, OR SALE OF ASSETS › Section 21.70 - Investigation of Application

Current through Reg. 49, No. 28; July 12, 2024
(a) Authority.
				  An application under this subchapter is subject to such investigation as
				  considered necessary, in the banking commissioner's sole discretion, in order
				  to make an informed decision regarding an application.
(b) Costs and fees. An applicant under this
				  subchapter shall pay reasonable costs incurred in the investigation including
				  the cost of a required examination, as provided by §
										RSA
				  21.2 of this title (relating to Filing and
				  Investigation Fees).
(c)
				  Examinations. The banking commissioner may consider the following factors in
				  determining whether to require an examination of one or more of the entities to
				  the transaction:
(1) a question exists
				  regarding the solvency or potential solvency of the applicant or one or more of
				  the fiduciary institutions or other entities involved in the proposed
				  transaction;
(2) a trust company or
				  other fiduciary institution involved in the transaction has not been examined
				  by a state, federal, or foreign regulatory agency within the 18-month period
				  immediately preceding the date of submission of the application;
(3) a trust company or other fiduciary
				  institution involved in the proposed transaction has numerous substantive
				  violations cited in its last examination report, or has a less than
				  satisfactory corporate or trust regulatory rating;
(4) a question exists regarding the
				  experience, ability, standing, trustworthiness, or integrity of the existing or
				  proposed officers, directors, managers or managing participants of a party
				  involved in the proposed transaction;
(5) a question exists whether a resulting
				  trust company will operate in compliance with the law;
(6) a question exists whether a resulting
				  trust company will be free from improper or unlawful influence or interference
				  from its principal shareholders with respect to operation in compliance with
				  the law;
(7) a question exists
				  whether a resulting trust company will have adequate capitalization;
(8) one or more of the parties to the
				  transaction are under a regulatory restriction; or
(9) such other factors as determined in the
				  sole discretion of the banking commissioner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter F - APPLICATION FOR MERGER, CONVERSION, OR SALE OF ASSETS › Section 21.73 - Consummation of a Transaction

Current through Reg. 49, No. 28; July 12, 2024
A transaction under this subchapter must be consummated as
					 proposed in the application, in the agreement concerning conditional approval,
					 or as provided in a final order. An approved transaction under this subchapter
					 must be consummated within 12 months after the date of approval by the banking
					 commissioner unless an extension is granted in writing. Until a transaction is
					 consummated, the banking commissioner may alter, suspend, or withdraw approval
					 should an interim development warrant such action.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter F - APPLICATION FOR MERGER, CONVERSION, OR SALE OF ASSETS › Section 21.74 - Notification

Current through Reg. 49, No. 28; July 12, 2024
A notification by the banking commissioner under this
					 subchapter may be by registered or certified mail, return receipt requested,
					 and is complete when the notification is deposited in the United States mail
					 postage prepaid, return receipt requested, mailed to the address furnished in
					 the application. Notification may also be made in person to the applicant, or
					 to the trust company or another person, fiduciary institution, foreign
					 corporation or domestic corporation, or other entity subject to this
					 subchapter, by agent-receipted delivery or by courier-receipted delivery to the
					 address furnished in the application, by email to the email address furnished
					 in the application, or by telephonic document transfer to the fax number
					 furnished in the application. Notice by telephonic document transfer served
					 after 6:00 p.m. local time of recipient is considered as notice served on the
					 following day.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter F - APPLICATION FOR MERGER, CONVERSION, OR SALE OF ASSETS › Section 21.75 - Abandoned Filing

Current through Reg. 49, No. 28; July 12, 2024
The banking commissioner may determine an application under
					 this subchapter to be abandoned pursuant to §
										RSA
					 21.4 of this title (relating to Required
					 Information and Abandoned Filings).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter F - APPLICATION FOR MERGER, CONVERSION, OR SALE OF ASSETS › Section 21.76 - Confidentiality

Current through Reg. 49, No. 28; July 12, 2024
Information obtained by the banking commissioner under this
					 subchapter is presumed to be public information unless such information is
					 confidential under Finance Code, §§
										RSA
					 181.301 et seq, or under exceptions contained
					 in Government Code, Chapter 552. The applicant has the burden to request
					 confidential treatment for specified information, to segregate and mark
					 documents claimed to be confidential, and to specifically reference the
					 provision of law that allows confidential treatment.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter G - CHARTER AMENDMENTS AND CERTAIN CHANGES IN OUTSTANDING STOCK › Section 21.91 - Acquisition and Retention of Shares as Treasury Stock

Current through Reg. 49, No. 28; July 12, 2024
(a) Permitted acquisition of treasury stock.
				  Pursuant to Finance Code, §§
										RSA
				  182.103,
				  RSA 184.101, and
				  RSA
				  184.102, a trust company may acquire its own
				  shares to be held as treasury stock, if prior notice of the proposed
				  transaction is filed with the banking commissioner pursuant to subsection (b)
				  of this section and the plan of acquisition has not been disapproved by the
				  banking commissioner pursuant to subsection (d) of this section.
(b) Notice filing. A trust company that
				  desires to effect a treasury stock transaction shall file notice of its
				  intention to enter into a plan of acquisition with the banking commissioner,
				  setting forth or including as exhibits the following:
(1) consistent with subsection (g) of this
				  section, the pro forma effects of the plan of acquisition on the trust
				  company's liquidity and restricted and secondary capital, and disclosure of the
				  basis for the calculations, including:
(A)
				  the price or price range per share at which the shares will be
				  acquired;
(B) the number of shares
				  sought to be acquired, expressed as a maximum; and
(C) the source of funds for the
				  acquisition;
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter G - CHARTER AMENDMENTS AND CERTAIN CHANGES IN OUTSTANDING STOCK › Section 21.92 - Amendment of Certificate to Effect a Reverse Stock Split

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. The following words and
				  terms when used in this section shall have the following meanings, unless the
				  context clearly indicates otherwise.
(1)
				  Affiliate--For purposes of this section only, a person that directly or
				  indirectly through one or more intermediaries controls, is controlled by, or is
				  under common control with a trust company seeking to effect a reverse stock
				  split. A person who is not an affiliate of the trust company at the
				  commencement of its reverse stock split will not be considered an affiliate of
				  the trust company prior to the completion of the reverse stock split.
(2) Appraisal report--A report, opinion
				  (other than an opinion of counsel), or appraisal, prepared by an outside party,
				  that is materially related to the reverse stock split, including a report,
				  opinion, or appraisal relating to the consideration or the fairness of the
				  consideration to be offered to shareholders in connection with the reverse
				  stock split or the fairness of such transaction to the trust company or to
				  unaffiliated shareholders.
(3)
				  Reverse stock split--An amendment to the certificate of formation of a trust
				  company that achieves a reduction in the number of issued shares of such trust
				  company by requiring exchange of all issued shares in a particular class for a
				  proportionately smaller number of shares, generally with a proportionately
				  increased par or stated value. The equity capital of the trust company remains
				  substantially the same.
(4)
				  Share--A unit representing ownership of at least part of the proprietary
				  interests of a trust company, whether or not divided or subdivided by means of
				  classes, series, relative rights, or preferences; and includes a stock or
				  similar security; or a security convertible, with or without consideration,
				  into such a security, or carrying a warrant or right to subscribe to or
				  purchase such a security; or such warrant or right; or another security
				  determined by the banking commissioner to be an equity security as defined by
				  Finance Code, §
											RSA
				  181.002(a).
(5) Unaffiliated shareholder--A shareholder
				  of a share subject to a reverse stock split who is not an affiliate of the
				  trust company that issued the share.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 25 - PREPAID FUNERAL CONTRACTS › Subchapter A - CONTRACT FORMS › Section 25.2 - Am I Required to Use the Model Contract and Model Waiver?

Current through Reg. 49, No. 28; July 12, 2024
(a) Use of model
				  contract and waiver. You may use the appropriate model contract or the model
				  waiver described in this subsection except as provided in paragraph (2) of this
				  subsection, but you are not required to do so if you obtain approval to use a
				  non-model contract or waiver. PDF forms of model contracts or waivers and PDF
				  forms of approved non-model contracts or waivers do not need to be approved by
				  the department as provided in §25.5.
(1)
				  The Department has adopted two model contracts, one for sale of trust-funded
				  prepaid funeral benefits and one for sale of insurance-funded prepaid funeral
				  benefits where the purchaser is also the policy owner, and a model waiver, in
				  English and in Spanish, for your use. Each model contract or waiver meets all
				  statutory requirements and the requirements of this subchapter with respect to
				  the type of transaction it is designed to govern. You may acquire copies of
				  model contracts and the model waiver by downloading them from the Department's
				  web site or requesting them by mail. The Department's web site address is
				  http://www.dob.texas.gov.
(2) If
				  you sell insurance-funded contracts, the insurance-funded model contract is
				  suitable only if the person named in the contract as the purchaser is also the
				  insurance policy owner. If the contract purchaser and the insurance policy
				  owner are not to be the same person, you must use an approved non-model
				  contract that correctly addresses this arrangement.
(3) You may use a current model contract or
				  model waiver after the department verifies that your proposed form document is
				  a current model document that has been customized by inserting your name and
				  permit number. Your submitted form document may also exclude the disclosure
				  shown in Figure 7 TAC §
											RSA
				  25.3(i)(4)(E), if it is not
				  applicable; and contain other information about you or a provider as long as
				  you do not otherwise alter the model document. The department shall approve or
				  disapprove a customized model document on or before the 10th business day
				  following the day the document is filed with the department.