Texas Local Government Code - Section 116.001. Definitions
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§ 116.001. DEFINITIONS. In this chapter:
(1) "Bank" means a:
(A) bank organized under the laws of this state,
another state, or federal law that has its main office or a branch
office in this state; or
(B) savings and loan association or savings bank
organized under the laws of this state, another state, or federal
law that has its main office or a branch office in this state.
(2) "Demand deposit" means a deposit of funds that may
be withdrawn on the demand of the depositor.
(3) "Time deposit" means a deposit of funds subject to
a contract between the depositor and the depository under which the
depositor may not withdraw any of the funds by check or by another
manner until the expiration of a certain period following written
notice of the depositor's intent to withdraw the funds.
(4) "Subdepository bank" means an authorized bank,
other than a depository, that holds demand deposits, not exceeding
the Federal Deposit Insurance Corporation's limit, of a district,
county, or precinct officer.
Acts 1987, 70th Leg., ch. 149, § 1, eff. Sept. 1, 1987. Amended
by Acts 1991, 72nd Leg., ch. 527, § 1, eff. Sept. 1, 1991; Acts
1993, 73rd Leg., ch. 234, § 4, eff. Sept. 1, 1993; Acts 1999,
76th Leg., ch. 344, § 5.009, eff. Sept. 1, 1999.
Section: 115.033 115.041 115.042 115.043 115.044 115.045 115.901 116.001 116.002 116.021 116.022 116.023 116.024 116.025 116.026
Last modified: August 10, 2007
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