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Texas Laws | Finance Code
FINANCE CODE
TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

Sec. 199.003. SUCCESSION OF TRUST POWERS. (13588)(Text)

(a) If, at the time of a merger, reorganization, conversion, sale of substantially all of its assets under Chapter 182 or 187 or other applicable law, or sale of substantially all of its trust accounts and related activities at a separate branch or trust office, a reorganizing or selling state trust company is acting as trustee, guardian, executor, or administrator, or in another fiduciary capacity, a successor or purchasing trust institution with sufficient fiduciary authority may continue the office, trust, or fiduciary relationship: (13589)

(1) without the necessity of judicial action or action by the creator of the office, trust, or fiduciary relationship; and (13590)

(2) without regard to whether the successor or purchasing trust institution meets qualification requirements specified in an instrument creating the office, trust, or fiduciary relationship other than a requirement related to geographic locale of account administration, including requirements as to jurisdiction of incorporation, location of principal office, or type of financial institution. (13591)

(b) The successor or purchasing trust institution may perform all the duties and exercise all the powers connected with or incidental to the fiduciary relationship in the same manner as if the successor or purchasing trust institution had been originally designated as the fiduciary. (13592)

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. 6.024(a), eff. Sept. 1, 2001. (13593)

Sec. 199.004. DISCOVERY OF CLIENT RECORDS. (13594)(Text)

Civil discovery of a client record maintained by a trust institution, including a state trust company or a trust institution organized under the laws of another state that lawfully maintains an office in this state, is governed by Section 59.006. (13595)

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. 6.025(a), eff. Sept. 1, 2001. (13596)

Sec. 199.005. COMPLIANCE REVIEW COMMITTEE. (13597)(Text)

A trust company may establish a compliance review committee as provided by Section 59.009. (13598)

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. 6.026(a), eff. Sept. 1, 2001. (13599)

SUBTITLE G. BANK HOLDING COMPANIES; INTERSTATE BANK OPERATIONS (13600)(Text)

CHAPTER 201. GENERAL PROVISIONS (13601)(Text)
Sec. 201.001. SCOPE OF SUBTITLE. (13602)(Text)

(a) This subtitle: (13603)

(1) sets forth the conditions under which a company may acquire a Texas bank or a Texas bank holding company, pursuant to the provisions of Chapter 202; (13604)

(2) permits interstate branching under the Interstate Banking and Branching Efficiency Act pursuant to the provisions of Chapter 203; and (13605)

(3) provides for state regulation of the participation by foreign banks in the financial markets of this state, pursuant to the provisions of Chapter 204. (13606)

(b) This subtitle is not intended to discriminate against out-of-state banks and bank holding companies in a manner that would violate the Interstate Banking and Branching Efficiency Act. (13607)

Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1, 1999. (13608)

Sec. 201.002. DEFINITIONS. (13609)(Text)

(a) Unless the context requires otherwise, in this subtitle: (13610)

(1) "Acquire" means an act that results in direct or indirect control by a company of a bank holding company or a bank, including an act that causes: (13611)

(A) the company to merge with a bank holding company or a bank; (13612)

(B) the company to assume direct or indirect ownership or control of: (13613)

(i) more than 25 percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was not a bank holding company before the acquisition; (13614)

(ii) more than five percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was a bank holding company before the acquisition; or (13615)

(iii) all or substantially all of the assets of a bank holding company or a bank; or (13616)

(C) an application relating to control of a bank holding company or bank to be filed with a federal bank supervisory agency. (13617)

(2) "Affiliate" has the meaning assigned by Section 2(k), Bank Holding Company Act (12 U.S.C. Section 1841(k)). (13618)

(3) "Agency" when used in reference to an office of a foreign bank, has the meaning assigned by Section 1(b)(1), International Banking Act (12 U.S.C. Section 3101(1)). (13619)

(4) "Bank": (13620)

(A) for purposes of Chapter 202 and the laws of this state as they relate to Chapter 202, has the meaning assigned by Section 2(c), Bank Holding Company Act (12 U.S.C. Section 1841(c)); (13621)

(B) for purposes of Chapter 203 and the laws of this state as they relate to Chapter 203, has the meaning assigned to the term "insured bank" by Section 3(h), Federal Deposit Insurance Act (12 U.S.C. Section 1813(h)), except that the term does not include a foreign bank unless it is organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands and its deposits are insured by the Federal Deposit Insurance Corporation; and (13622)

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