Sec. 183.110. FIDUCIARY RESPONSIBILITY. The board of a state trust company is responsible for the proper exercise of fiduciary powers by the state trust company and each matter pertinent to the exercise of fiduciary powers, including:
(1) the determination of policies;
(2) the investment and disposition of property held in a fiduciary capacity; and
(3) the direction and review of the actions of each officer, employee, and committee used by the state trust company in the exercise of its fiduciary powers.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 183 - Ownership and Management of State Trust Company
Subchapter B. Board and Officers
Section 183.101. Voting Securities Held by Trust Company
Section 183.103. Board of Directors, Managers, or Managing Participants
Section 183.104. Advisory Director or Advisory Manager
Section 183.105. Required Quarterly Board Meeting
Section 183.107. Limitation on Action of Officer or Employee in Relation to Asset or Liability
Section 183.108. Certain Criminal Offenses
Section 183.109. Transactions With Management and Affiliates
Section 183.110. Fiduciary Responsibility
Section 183.111. Recordkeeping