Texas Finance Code 185.106 – Duties of State Trust Company Under Supervision
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Finance Code 185.106
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
During a period of supervision, a state trust company, without the prior approval of the banking commissioner or the supervisor or as otherwise permitted or restricted by the order of supervision, may not:
(1) dispose of, sell, transfer, convey, or encumber the state trust company’s assets;
(2) lend or invest the state trust company’s funds;
(3) incur a debt, obligation, or liability;
(4) pay a cash dividend to the state trust company’s shareholders or participants;
(5) solicit or accept any new client accounts; or
(6) remove an executive officer or director, change the number of executive officers or directors, or have any other change in the position of executive officer or director.