Sec. 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, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.109, eff. September 1, 2005.
Last modified: September 28, 2016