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Texas Government Code - GOV'T § 2116.015. Depository Account as Legal Investment

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

(a) The following persons may invest the person's money in a depository account by purchasing precious metals and depositing the precious metals with the depository or a depository agent:

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

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

(3) a business or nonprofit corporation;

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

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

(b) An investment by a school district in a depository account may be made instead of an investment as provided by Section 45.102, Education Code, and the depository may be used by a district instead of a depository bank for the purposes of Subchapter G, Chapter 45, Education Code.  1

1   V.T.C.A., Education Code § 45.201 et seq.
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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2116.015. Depository Account as Legal Investment - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2116-015/

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