(a) In this section, “institution of higher education” and “university system” have the meanings assigned by Section 61.003, Education Code .
(b) Except as provided by this section, this subchapter does not apply to a university system or institution of higher education.
(c) A university system or institution of higher education shall account for all personal property as defined by the comptroller under Section 403.272 . At all times, the property records of a university system or institution of higher education must accurately reflect the personal property possessed by the system or institution.
(d) The chief executive officer of each university system or institution of higher education shall designate one or more property managers. The property manager shall maintain the records required and be the custodian of all personal property possessed by the system or institution.
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