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Texas Finance Code - FIN § 33.104. Advisory Director

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(a) An advisory director is not considered a director if the advisory director:

(1) is not elected by the shareholders of the bank;

(2) does not vote on matters before the board or a committee of the board;

(3) is not counted for purposes of determining a quorum of the board or committee;  and

(4) provides solely general policy advice to the board.

(b) A state bank may not disclose to an advisory director confidential information pertaining to the bank or the bank's customers unless:

(1) the board adopts a resolution that designates the advisory director as a person who is officially connected to the bank and that describes the purpose for disclosure of the information, which must be a reasonable business purpose;  and

(2) the disclosure is made under a written confidentiality agreement between the bank and the advisory director.

Cite this article: - Texas Finance Code - FIN § 33.104. Advisory Director - last updated April 14, 2021 |

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