Texas § PR.113.055 - PURCHASE OF TRUSTEE'S SECURITIES
Full text of Texas The Texas Constitution § PR.113.055 — PURCHASE OF TRUSTEE'S SECURITIES, with citation guidance and answers to common questions.
§ PR.113.055. PURCHASE OF TRUSTEE'S SECURITIES
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. Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984. Amended by Acts 2003, 78th Leg., ch. 1103, Sec. 5, eff. Jan. 1, 2004.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § PR.113.055
What does The Texas Constitution § PR.113.055 cover?
Section PR.113.055 ("PURCHASE OF TRUSTEE'S SECURITIES") 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 § PR.113.055?
A common citation format is "The Texas Constitution § PR.113.055" (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 § PR.113.055 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.