Advisory Director

Sec. 33.104. ADVISORY DIRECTOR. (a) An advisory director is not considered a director if the advisory director: (1) is not elected by the shareholders of the bank; (2) does not vote on matters before the board or a committee of the board; (3) is not counted for purposes of determining a quorum of the board or committee; and (4) provides solely general policy advice to the board. (b) A state bank may not disclose to an advisory director confidential information pertaining to the bank or the bank's customers unless: (1) the board adopts a resolution that designates the advisory director as a person who is officially connected to the bank and that describes the purpose for disclosure of the information, which must be a reasonable business purpose; and (2) the disclosure is made under a written confidentiality agreement between the bank and the advisory director. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 28, eff. September 1, 2007. Acts 2013, 83rd Leg., R.S., Ch. 940 (H.B. 1664), Sec. 5, eff. June 14, 2013.