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Texas Government Code - GOV'T § 2257.082. Funds of Exempt Institution

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

An exempt institution is not required to have its funds fully insured or collateralized at all times if:

(1) the funds are held by:

(A) a custodian of the institution's assets under a trust agreement; or

(B) a person in connection with a transaction related to an investment; and

(2) the governing body of the institution, in exercising its fiduciary responsibility, determines that the institution is adequately protected by using a trust agreement, special deposit, surety bond, substantial deposit insurance, or other method an exempt institution commonly uses to protect itself from liability.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2257.082. Funds of Exempt Institution - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2257-082/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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