Texas Finance Code 184.102 – Transactions in State Trust Company Shares or Participation Shares
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Terms Used In Texas Finance Code 184.102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
Except with the prior written approval of the banking commissioner:
(1) a state trust company may not acquire its own shares or participation shares unless the amount of its undivided profits is sufficient to fully absorb the acquisition of the shares or participation shares under regulatory accounting principles; and
(2) a state trust company may not acquire a lien on its own shares or participation shares unless the amount of indebtedness secured is less than the amount of the state trust company’s undivided profits.