Sec. 183.209. ALLOCATION OF PROFITS AND LOSSES. The profits and losses of a limited trust association may be allocated among the participants and among classes of participants as provided by the participation agreement. Without the prior written approval of the banking commissioner to use a different allocation method, the profits and losses must be allocated according to the relative interests of the participants as reflected in the certificate of formation and related documents filed with and approved by the banking commissioner.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 32, eff. June 14, 2013.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 183 - Ownership and Management of State Trust Company
Subchapter C. Limited Trust Association
Section 183.201. Liability of Participants and Managers
Section 183.202. Filing of Notice of Full Liability
Section 183.203. Contracting for Debt or Obligation
Section 183.204. Management of Limited Trust Association
Section 183.205. Withdrawal or Reduction of Participant's Contribution to Capital
Section 183.206. Interest in Limited Trust Association; Transferability of Interest
Section 183.207. Bylaws of Limited Trust Association
Section 183.209. Allocation of Profits and Losses
Section 183.210. Distributions
Section 183.211. Application of Other Provisions to Limited Trust Associations