Tex. Fin. Code Section 275.101
Directors

(a)

Except as provided by Subsection (b), a mutual trust investment company must have at least five directors, each of whom is not required to be a stockholder but must be an officer or director of a bank or trust company that is located in this state.

(b)

An officer or director of a bank or trust company not located in this state may serve as a director of a mutual trust investment company only if that officer’s or director’s bank or trust company owns stock in a fiduciary capacity in the mutual trust investment company.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.26(a), eff. Sept. 1, 1999.

Source: Section 275.101 — Directors, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­275.­htm#275.­101 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 275.101’s source at texas​.gov