A state-chartered bank may provide financial valuation and advisory services to its depositors or clients. The term "financial valuation and advisory services" means:
  (1) the valuation of a company for purposes of acquisitions, mergers, and divestitures;
  (2) fairness opinions in connection with tender offers, consolidations, or mergers;
  (3) advice for management or for a bankruptcy court about the viability and capital adequacy of financially troubled companies and about the fairness of proposed bankruptcy reorganizations;
  (4) valuation opinions for transactions in publicly held securities;
  (5) valuations of the fair market value of employee stock ownership trusts;
  (6) periodic valuation of stock of privately owned companies held in pension or profit-sharing plans, charitable trusts, or venture capital funds;
  (7) valuation of a privately owned company, or of a large block of publicly owned securities;
  (8) valuations, for estate tax and estate planning purposes, of a company's common stock and other securities for recapitalization of a privately held company; and
  (9) expert witness testimony in support of valuations.

Source Note: The provisions of this §3.5 adopted to be effective August 19, 1985, 10 TexReg 2543.