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Current as of January 01, 2024 | Updated by Findlaw Staff
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 dividend to the state trust company's shareholders or participants;
(5) solicit or accept any new client accounts;
(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; or
(7) engage in any other activity determined by the banking commissioner to threaten the safety and soundness of the state trust company.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 185.106. Duties of State Trust Company Under Supervision - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-185-106/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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