73R4306 CAE-F
By A. Smith of Harris H.B. No. 2194
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the board of directors of a bank owned or controlled by
1-3 an out-of-state bank holding company.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 2, Article 4, Chapter IV, The Texas
1-6 Banking Code (Article 342-404, Vernon's Texas Civil Statutes), is
1-7 amended to read as follows:
1-8 Sec. 2. If the bank is owned or controlled, directly or
1-9 indirectly, by an out-of-state bank holding company, directors who
1-10 are employees or officers or spouses of employees or officers of
1-11 the <bank or> out-of-state bank holding company, or an affiliate of
1-12 the <bank or> out-of-state bank holding company, other than the
1-13 bank, shall not be counted as residents of the State of Texas for
1-14 the purpose of Section 1 of this article. For the purposes of this
1-15 section, "affiliate" means a person or entity, other than the bank,
1-16 that directly, or indirectly through one or more intermediaries,
1-17 controls, is controlled by, or is under common control with the
1-18 <bank or> out-of-state bank holding company.
1-19 SECTION 2. This Act takes effect September 1, 1993.
1-20 SECTION 3. The importance of this legislation and the
1-21 crowded condition of the calendars in both houses create an
1-22 emergency and an imperative public necessity that the
1-23 constitutional rule requiring bills to be read on three several
1-24 days in each house be suspended, and this rule is hereby suspended.