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Texas Finance Code - FIN § 95.010. Account as Legal Investment

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(a) Each of the following persons may invest money held by the person in a deposit account of a savings bank doing business in this state:

(1) any fiduciary, including an administrator, executor, guardian, or trustee;

(2) a political subdivision or instrumentality of this state;

(3) a business or nonprofit corporation;

(4) a charitable or educational corporation or association;  and

(5) a financial institution, including a bank, savings and loan association, or credit union.

(b) An investment by an insurance company in a deposit account is eligible for tax reducing purposes under Chapters 221 and 222, Insurance Code.

(c) An investment by a school district in a deposit account insured by the Federal Deposit Insurance Corporation meets the requirements of Sections 45.102 and 45.208, Education Code.

Cite this article: - Texas Finance Code - FIN § 95.010. Account as Legal Investment - last updated April 14, 2021 |

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