Sec. 183.104. ADVISORY DIRECTOR OR ADVISORY MANAGER. (a) An advisory director or advisory manager is not considered to be a director if the advisory director or advisory manager: (1) is not elected by the shareholders or participants of the state trust company; (2) does not vote on matters before the board or a committee of the board; (3) is not counted for purposes of determining a quorum of the board or committee; and (4) provides solely general policy advice to the board. (b) A state trust company may not disclose to an advisory director or advisory manager confidential information pertaining to the state trust company or the company's clients unless: (1) the board adopts a resolution that designates the advisory director or advisory manager as a person who is officially connected to the trust company and that describes the purpose for disclosure of the information, which must be a reasonable business purpose; and (2) the disclosure is made under a written confidentiality agreement between the state trust company and the advisory director or advisory manager.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.