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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
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Subtitle F. TRUST COMPANIES |
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Chapter 187. MULTISTATE TRUST BUSINESS |
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Subchapter B. OUT-OF-STATE TRUST COMPANY TRUST OFFICE |
Sec. 187.103. ACQUIRING AN INTERSTATE TRUST OFFICE
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(a) An out-of-state trust company that does not operate a trust office in this state and that meets the requirements of this subchapter may acquire an existing trust institution in this state and after the acquisition operate and maintain the acquired institution as a trust office in this state, subject to Subchapter A, Chapter 183, or Subchapter A, Chapter 33, if applicable. If the institution to be acquired is a bank or a state savings bank, Section 203.005 applies to the transaction.
(b) An out-of-state trust institution that does not operate a trust office in this state may not establish and maintain a trust office in this state through the acquisition of a trust office of an existing trust institution except as provided by Section 187.102. This section does not affect or prohibit a trust institution or other person from chartering a state trust company pursuant to Section 182.001.