78th Texas Legislature, Regular Session, House Bill 1471, Chapter 550 Page: 1 of 5
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CHAPTER 550 H.B. No. 1471
1 AN ACT
2 relating to the duties and removal of a trustee.
3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
4 SECTION 1i. Subchapter A, Chapter 113, Property Code, is
5 amended by adding Section 113.0211 to read as follows:
6 Sec. 113.0211. ADJUSTMENT OF CHARITABLE TRUST. (a) In this
7 section:
8 (1) "Charitable entity" has the meaning assigned by
9 Section 123.001(1).
10 (2) "Charitable trust" means a trust:
11 (A) the stated purpose of which is to benefit
12 only one or more charitable entities; and
13 (B) that qualifies as a charitable entity.
14 (b) The trustee of a charitable trust may acquire, exchange,
15 sell, supervise, manage, or retain any type of investment, subject
16 to restrictions and procedures established by the trustee and in an
17 amount considered appropriate by the trustee, that a prudent
18 investor, exercising reasonable skill, care, and caution, would
19 acquire or retain in light of .the purposes, terms, distribution
20 requirements, and other circumstances of the trust. The prudence
21 of a trustee's actions under this subsection is judged with
22 reference to the investment of all of the trust assets rather than
23 with reference to a single trust investment.
24 (c) The trustee of a charitable trust may make one or more1
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Texas. Legislature. House of Representatives. 78th Texas Legislature, Regular Session, House Bill 1471, Chapter 550, legislative document, June 20, 2003; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth158176/m1/1/: accessed April 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.