Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 183.104 - Advisory Director or Advisory Manager(a) An advisory director or advisory manager is not considered to be a director if the advisory director or advisory manager:(1) is not elected by the shareholders or participants of the state trust company;(2) does not vote on matters before the board or a committee of the board;(3) is not counted for purposes of determining a quorum of the board or committee; and(4) provides solely general policy advice to the board.(b) A state trust company may not disclose to an advisory director or advisory manager confidential information pertaining to the state trust company or the company's clients unless:(1) the board adopts a resolution that designates the advisory director or advisory manager as a person who is officially connected to the trust company and that describes the purpose for disclosure of the information, which must be a reasonable business purpose; and(2) the disclosure is made under a written confidentiality agreement between the state trust company and the advisory director or advisory manager.Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 940,Sec. 13, eff. 6/14/2013.Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. 9/1/1999.