Tex. Prop. Code § 113.055 · Subchapter B. DUTIES OF TRUSTEE
PURCHASE OF TRUSTEE'S SECURITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984. Amended by Acts 2003, 78th Leg., ch. 1103, Sec. 5, eff. Jan. 1, 2004.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/PR/htm/PR.113.htm
- Text hash
- sha256 0fd480f13106bf26f9c38abfb545d33c13a179aa2e7e1e27ecd2e0b87504dccb
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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