Sec. 113.055. PURCHASE OF TRUSTEE'S SECURITIES. (a) Except as provided by Subsection (b) of this section, a corporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of the trustee or an affiliate, and a noncorporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of a corporation with which the trustee is connected as director, owner, manager, or any other executive capacity. (b) A trustee may: (1) retain stock already owned by the trust unless the retention does not satisfy the requirements prescribed by Chapter 117 ; and (2) exercise stock rights or purchase fractional shares under Section 113.053 of this Act.
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