Texas Education Code - Section 43.0031. Permanent School Fund Ethics Policy
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§ 43.0031. PERMANENT SCHOOL FUND ETHICS POLICY. (a) In
addition to any other requirements provided by law, the State Board
of Education shall adopt and enforce an ethics policy that provides
standards of conduct relating to the management and investment of
the permanent school fund. The ethics policy must include
provisions that address the following issues as they apply to the
management and investment of the permanent school fund and to
persons responsible for managing and investing the fund:
(1) general ethical standards;
(2) conflicts of interest;
(3) prohibited transactions and interests;
(4) the acceptance of gifts and entertainment;
(5) compliance with applicable professional
standards;
(6) ethics training; and
(7) compliance with and enforcement of the ethics
policy.
(b) The ethics policy must include provisions applicable
to:
(1) members of the State Board of Education;
(2) the commissioner;
(3) employees of the agency; and
(4) any person who provides services to the board
relating to the management or investment of the permanent school
fund.
(c) Not later than the 45th day before the date on which the
board intends to adopt a proposed ethics policy or an amendment to
or revision of an adopted ethics policy, the board shall submit a
copy of the proposed policy, amendment, or revision to the Texas
Ethics Commission and the state auditor for review and comments.
The board shall consider any comments from the commission or state
auditor before adopting the proposed policy.
(d) The provisions of the ethics policy that apply to a
person who provides services to the board relating to the
management or investment of the permanent school fund must be based
on the Code of Ethics and the Standards of Professional Conduct
prescribed by the Association for Investment Management and
Research or other ethics standards adopted by another appropriate
professionally recognized entity.
(e) The board shall ensure that applicable provisions of the
ethics policy are included in any contract under which a person
provides services to the board relating to the management and
investment of the permanent school fund.
Added by Acts 1999, 76th Leg., ch. 1488, § 1, eff. Sept. 1, 1999.
Section: 42.303 42.304 42.352 42.4101 43.001 43.002 43.003 43.0031 43.0032 43.0033 43.0034 43.004 43.005 43.006 43.007
Last modified: August 10, 2007
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