Texas Government Code 404.108 – Trust Company Investment Advisory Board
Current as of: 2024 | Check for updates
|
Other versions
(a) The comptroller may appoint an investment advisory board to advise the comptroller with respect to managing the assets held by the trust company. The advisory board shall provide the comptroller guidance on the investment philosophy that should be pursued in managing the assets under the trust company’s control. The advisory board serves in an advisory capacity only and is not a fiduciary with respect to the assets held by the trust company.
(b) The advisory board is composed of seven members appointed by the comptroller with the advice of the governor, lieutenant governor, and speaker of the house of representatives.
Terms Used In Texas Government Code 404.108
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Fiduciary: A trustee, executor, or administrator.
(c) The members of the advisory board must have knowledge of or experience in finance, including the management of funds or business operations.
(d) Appointments to the advisory board shall be made without regard to the race, color, disability, sex, religion, age, or national origin of appointees.
(e) Each member of the advisory board must be a resident of this state.
(f) The creation, size, composition, and duration of the advisory board is governed exclusively by this subchapter. Chapter 2110 does not apply to the size, composition, or duration of the advisory board.