Texas § 33.109 TRANSACTIONS WITH MANAGEMENT AND AFFILIATES.

Texas Statutes

§ 33.109 — TRANSACTIONS WITH MANAGEMENT AND AFFILIATES.

Texas § 33.109

Code FIFinance Code

This text of Texas § 33.109 (TRANSACTIONS WITH MANAGEMENT AND AFFILIATES.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 33.109 (2026).

Text

Sec. 33.109. TRANSACTIONS WITH MANAGEMENT AND AFFILIATES.

(a)Without the prior approval of a disinterested majority of the board recorded in the minutes or, if a disinterested majority cannot be obtained, the prior written approval of the banking commissioner, a state bank may not directly or indirectly:

(1)sell or lease an asset of the bank to an officer, director, or principal shareholder of the bank or of an affiliate of the bank; or

(2)purchase or lease an asset in which an officer, director, or principal shareholder of the bank or of an affiliate of the bank has an interest.

(b)An officer or director of the bank who knowingly participates in or permits a violation of this section commits an offense. An offense under this subsection is a felony of the third degree. SUBCHAPTER C. LI

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Sec. 33.109. TRANSACTIONS WITH MANAGEMENT AND AFFILIATES. (a) Without the prior approval of a disinterested majority of the board recorded in the minutes or, if a disinterested majority cannot be obtained, the prior written approval of the banking commissioner, a state bank may not directly or indirectly:
(1) sell or lease an asset of the bank to an officer, director, or principal shareholder of the bank or of an affiliate of the bank; or
(2) purchase or lease an asset in which an officer, director, or principal shareholder of the bank or of an affiliate of the bank has an interest.
(b) An officer or director of the bank who knowingly participates in or permits a violation of this section commits an offense. An offense under this subsection is a felony of the third degree.
SUBCHAPTER C. LIMITED BANKING ASSOCIATION

Legislative History

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 412, Sec. 2.11, eff. Sept. 1, 2001. Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962 ), Sec. 30, eff. September 1, 2007.