Section 113.055 - Purchase of Trustee's Securities(a) Except as provided by Subsection (b) of this section, a corporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of the trustee or an affiliate, and a noncorporate trustee may not purchase for the trust the stock, bonds, obligations, or other securities of a corporation with which the trustee is connected as director, owner, manager, or any other executive capacity.(b) A trustee may:(1) retain stock already owned by the trust unless the retention does not satisfy the requirements prescribed by Chapter 117; and(2) exercise stock rights or purchase fractional shares under Section 113.053 of this Act.Tex. Prop. Code § 113.055
Amended by Acts 2003, 78th Leg., ch. 1103, Sec. 5, eff. 1/1/2004.Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. 1/1/1984.