(a) The comptroller is the sole officer, director, and shareholder of the trust company. The comptroller's office shall manage the trust company.
(b) The comptroller may enter into contracts, trust agreements, and other instruments with the trust company as provided by Section 404.103.
(c) The comptroller shall submit to the Legislative Budget Board an audited report regarding the operations of the trust company. The trust company may contract with a certified public accountant or the state auditor to conduct an independent audit of the operations of the trust company. This subsection does not affect the state auditor's authority to conduct an audit of the trust company in accordance with Chapter 321.