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Texas Finance Code - FIN § 273.303. Primary Account

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Money from the sale of the corporation's securities constitutes the primary account of the corporation.

(b) Money in the primary account may be invested in:

(1) a certificate of deposit or other interest-bearing account in a savings and loan association or commercial bank domiciled in this state;  or

(2) securities that:

(A) will mature in not longer than five years;

(B) are issued by the United States government, this state, or a municipality or other governmental entity of this state;  and

(C) are direct obligations of or secured by the full faith and credit of the issuer.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 273.303. Primary Account - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-273-303/

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