Texas § FI.183.204 - MANAGEMENT OF LIMITED TRUST ASSOCIATION
Full text of Texas The Texas Constitution § FI.183.204 — MANAGEMENT OF LIMITED TRUST ASSOCIATION, with citation guidance and answers to common questions.
§ FI.183.204. MANAGEMENT OF LIMITED TRUST ASSOCIATION
MANAGEMENT OF LIMITED TRUST ASSOCIATION. (a) Management of a limited trust association is vested in the participants in proportion to each participant's contribution to capital, as adjusted periodically to properly reflect any additional contribution. The certificate of formation may provide that management of a limited trust association is vested in a board of managers to be elected annually by the participants as prescribed by the bylaws or the participation agreement. (b) Participants of a limited trust association may not retain management and must elect a board of managers if: (1) any participant is disqualified from serving as a managing participant under Section 183.103 ; (2) the limited trust association has fewer than five or more than 25 participants; or (3) any participant has been removed by the banking commissioner under Subchapter A , Chapter 185 . (c) The certificate of formation, bylaws, and participation agreement of a limited trust association may use the term "director" instead of "manager" and the term "board" instead of "board of managers." Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804 ), Sec. 28, eff. June 14, 2013.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.183.204
What does The Texas Constitution § FI.183.204 cover?
Section FI.183.204 ("MANAGEMENT OF LIMITED TRUST ASSOCIATION") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.183.204?
A common citation format is "The Texas Constitution § FI.183.204" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.183.204 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.