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House Bill 1962 |
House Author: Orr |
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Effective: 9-1-07 |
Senate Sponsor: Fraser |
House Bill 1962 amends the Finance Code to apply provisions of the Business Organizations Code enacted during the 78th Texas Legislature, Regular Session, 2003, to certain financial institutions and their regulation by the Texas Department of Banking and to make technical and conforming changes. The bill provides that a state bank or trust company organized before January 1, 2006, is governed by previous law unless it elects to be governed by the Business Organizations Code. The bill also modifies requirements relating to the operations of a limited banking association and to the ability of certain bank holding companies to allocate assets among subsidiary trust companies.