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Tex. Fin. Code § 183.209

ALLOCATION OF PROFITS AND LOSSES

Known as the Texas Trust Company Act

The act spans §§ 181.001 to 199.005 (242 sections).

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff

The profits and losses of a limited trust association may be allocated among the participants and among classes of participants as provided by the participation agreement. Without the prior written approval of the banking commissioner to use a different allocation method, the profits and losses must be allocated according to the relative interests of the participants as reflected in the certificate of formation and related documents filed with and approved by the banking commissioner.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.