88R50 SRA-F     By: Slawson H.B. No. 1186       A BILL TO BE ENTITLED   AN ACT   relating to the requirements for the conversion of a trust   institution into a state trust company.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 182.502(b), Finance Code, is amended to   read as follows:          (b)  A trust institution applying to convert into a state   trust company may receive a certificate of authority to do business   as a state trust company if the banking commissioner finds that:                (1)  the trust institution is not engaging in a pattern   or practice of unsafe and unsound fiduciary or banking practices;                (2)  the trust institution has adequate capitalization   for a state trust company to act as a fiduciary at the same   locations as the trust institution is acting as a fiduciary before   the conversion;                (3)  the trust institution can be expected to operate   profitably after the conversion;                (4)  the officers and directors of the trust   institution as a group have sufficient fiduciary [banking]   experience, ability, standing, competence, trustworthiness, and   integrity to justify a belief that the trust institution will   operate as a state trust company in compliance with law; and                (5)  each principal shareholder has sufficient   experience, ability, standing, competence, trustworthiness, and   integrity to justify a belief that the trust institution will be   free from improper or unlawful influence or interference with   respect to the trust institution's operation as a state trust   company in compliance with law.          SECTION 2.  The change in law made by this Act applies only   to an application for conversion filed on or after the effective   date of this Act. An application for conversion filed before the   effective date of this Act is governed by the law in effect on the   date the application was filed, and the former law is continued in   effect for that purpose.          SECTION 3.  This Act takes effect September 1, 2023.