Texas Education Code - Section 66.07. Custody And Investment Of Assets Pending Transactions
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§ 66.07. CUSTODY AND INVESTMENT OF ASSETS PENDING
TRANSACTIONS. With the approval of the comptroller, the board of
regents of The University of Texas System may appoint one or more
commercial banks, depository trust companies, or other entities to
serve as a custodian or custodians of the permanent university
fund's securities with authority to hold the money realized from
those securities pending completion of an investment transaction if
the money held is reinvested within one business day of receipt in
investments determined by the board of regents. Money not
reinvested within one business day of receipt shall be deposited in
the state treasury not later than the fifth day after the date of
receipt.
Added by Acts 1997, 75th Leg., ch. 1311, § 2, eff. Sept. 1, 1997.
Section: 65.45 65.46 66.01 66.02 66.04 66.05 66.06 66.07 66.08 66.09 66.21 66.22 66.23 66.24 66.25
Last modified: August 10, 2007
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