Sec. 182.015. CHANGE OF CONTROL OF EXEMPT STATE TRUST COMPANY. If control of an exempt state trust company is sold or otherwise transferred, the acquiring person must comply with Sections 182.003, 182.004, 182.005, 183.001, and 183.002. For the exempt status of the state trust company to continue, the acquiring person must file a certification with the banking commissioner that the state trust company will comply, or continue to comply, with the requirements of Section 182.011 after control is transferred. The banking commissioner may examine or investigate the acquiring person and the state trust company as necessary to verify the certification. If the commissioner determines that the state trust company will not comply, or continue to comply, with the requirements of Section 182.011 after control is transferred, the commissioner shall terminate the exemption on the effective date of the transfer. After the termination, the acquiring person must file a separate application to obtain a new exemption for the state trust company under Section 182.011.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 250 (S.B. 875), Sec. 8, eff. September 1, 2015.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 182 - Powers, Organization, and Financial Requirements
Subchapter A. Organization and Powers in General
Section 182.001. Organization and General Powers of State Trust Company
Section 182.002. Certificate of Formation of State Trust Company
Section 182.003. Application for State Trust Company Charter; Standards for Approval
Section 182.004. Notice and Investigation of Charter Application
Section 182.005. Protest; Hearing; Decision on Charter Application
Section 182.006. Issuance of Charter
Section 182.007. Deadline to Begin Business
Section 182.008. Restricted Capital
Section 182.009. Application of General Corporate Law
Section 182.0105. Financial Activities
Section 182.011. Exemption From Statutory Provisions for Certain State Trust Companies
Section 182.012. Application for Exemption
Section 182.013. Annual Certification for Exempt State Trust Company
Section 182.014. Limitation on Effect of Exemption
Section 182.015. Change of Control of Exempt State Trust Company
Section 182.016. Grounds for Revocation of Exemption
Section 182.017. Notice and Effect of Revocation of Exemption
Section 182.018. Action After Revocation of Exemption
Section 182.019. Prior Exemption
Section 182.020. Foreign Corporation Exercising Trust Powers