Sec. 2116.015. DEPOSITORY ACCOUNT AS LEGAL INVESTMENT. (a) The following persons may invest the person's money in a depository account by purchasing precious metals and depositing the precious metals with the depository or a depository agent:
(1) an individual or fiduciary, including an administrator, executor, custodian, guardian, or trustee;
(2) a political subdivision of this state or an instrumentality of this state;
(3) a business or nonprofit corporation;
(4) a charitable or educational corporation or association; or
(5) a financial institution, including a bank, savings and loan association, or credit union.
(b) An investment by a school district in a depository account may be made instead of an investment as provided by Section 45.102, Education Code, and the depository may be used by a district instead of a depository bank for the purposes of Subchapter G, Chapter 45, Education Code.
Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 1, eff. June 19, 2015.
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