Section 404.0211 - Conflict of Interest A bank is not disqualified from serving as a depository for funds of a state agency if:
(1) an officer or employee of the agency who does not have the duty to select the agency's depository is an officer, director, or shareholder of the bank; or(2) one or more officers or employees of the agency who have the duty to select the agency's depository are officers or directors of the bank or own or have a beneficial interest, individually or collectively, in 10 percent or less of the outstanding capital stock of the bank, if:(A) a majority of the members of the board, commission, or other body of the agency vote to select the bank as a depository; and(B) the interested officer or employee does not vote or take part in the proceedings.Tex. Gov't. Code § 404.0211
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 19, eff. 9/1/1993.