Tex. Finance Code § 154.3551
This is the official text of Tex. Finance Code § 154.3551, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 154.3551. LIMIT ON LIABILITY.
Official statutory text
(a) A member of the advisory council is not personally liable for damages arising from the member's official act or omission under this subchapter unless the act or omission is corrupt or malicious.
(b) The attorney general shall defend an action brought against a member of the advisory council arising from an official act or omission under this subchapter, including an action instituted after the defendant's service with the advisory council has terminated.
(c) The attorney general is not required to defend a member of the advisory council against an action relating to:
(1) the disposition of a claim filed under this subchapter; or
(2) any issue other than the applicability or effect of the limitation on liability under this section.
(d) The commissioner on behalf of the fund, with the advice and consent of the advisory council, may contract with the attorney general under Chapter 771, Government Code, for legal services not covered by this section.
(b) The attorney general shall defend an action brought against a member of the advisory council arising from an official act or omission under this subchapter, including an action instituted after the defendant's service with the advisory council has terminated.
(c) The attorney general is not required to defend a member of the advisory council against an action relating to:
(1) the disposition of a claim filed under this subchapter; or
(2) any issue other than the applicability or effect of the limitation on liability under this section.
(d) The commissioner on behalf of the fund, with the advice and consent of the advisory council, may contract with the attorney general under Chapter 771, Government Code, for legal services not covered by this section.
Status: in_force · Read it on the official government site
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