Texas Finance Code - Section 65.013. Account As Legal Investment
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§ 65.013. ACCOUNT AS LEGAL INVESTMENT. (a) Each of the
following persons may invest money held by the person in a savings
account of an association or a federal association:
(1) any fiduciary, including an administrator,
executor, guardian, or trustee;
(2) a political subdivision or instrumentality of this
state;
(3) an insurance company doing business in this state;
(4) a business or nonprofit corporation;
(5) a charitable or educational corporation or
association; and
(6) a financial institution, including a bank or
credit union.
(b) An investment by an insurance company in a savings
account is eligible for tax reducing purposes under Chapter 221,
Insurance Code.
(c) An investment by a school district in a savings account
insured by the Federal Deposit Insurance Corporation is considered
to meet the requirements of Section 45.102, Education Code.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2005, 79th Leg., ch. 728, § 11.109, eff. Sept. 1, 2005.
Section: 65.006 65.007 65.008 65.009 65.010 65.011 65.012 65.013 65.101 65.102 65.103 65.104 65.105 65.106 65.107
Last modified: August 10, 2007
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