Texas Government Code Title 10, Chapter 2116 - Texas Bullion Depository

SUBCHAPTER A ESTABLISHMENT AND ADMINISTRATION OF TEXAS

• Texas Section 2116.001 - Definitions
  In this chapter: (1) "Administrator" means the bullion depository administrator appointed under Section 2116.003. (2) "Bullion" means precious metals that are formed into uniform shapes...
• Texas Section 2116.002 - Texas Bullion Depository
  (a) The Texas Bullion Depository is established as an agency of this state in the office of the comptroller. (b) The depository is established to...
• Texas Section 2116.003 - Depository Administration; Administrator
  (a) The depository is administered as a division of the office of the comptroller and under the direction and supervision of a bullion depository administrator...
• Texas Section 2116.004 - Deposits And Related Assets Not Subject To Legislative Appropriation; Status Of Deposits And Allocation Of Revenues
  (a) The following are not available for legislative appropriation: (1) a deposit to the depository; (2) bullion or specie held by or on behalf of...
• Texas Section 2116.005 - Deposits And Depository Accounts; Standards
  (a) The depository may receive a deposit of bullion or specie from or on behalf of a person acting in the person's own right, as...
• Texas Section 2116.006 - Demand, Presentment, Withdrawal, Delivery, And Settlement
  (a) The depository shall deliver any precious metal held by or on behalf of the depository in bullion, specie, or a combination of bullion and...
• Texas Section 2116.007 - Transfer Of Depository Account Balance
  (a) In accordance with rules adopted under this chapter, a depository account holder may transfer any portion of the balance of the holder's depository account...
• Texas Section 2116.008 - Depository Account Contracts
  (a) To establish a depository account, a depositor must contract with the depository for a depository account. The contract must specify: (1) the terms applicable...
• Texas Section 2116.009 - Cause Of Action For Denial Of Deposit Liability
  (a) A cause of action for denial of deposit liability on a depository account contract without a maturity date does not accrue until the depository...
• Texas Section 2116.010 - Fees; Service Charges; Penalties
  The comptroller by rule may establish fees, service charges, and penalties to be charged a depository account holder for a service or activity regarding a...
• Texas Section 2116.011 - Depository Account Ownership By Owner Of Record
  Unless the depository acknowledges in writing a pledge of a depository account, the depository may treat the holder of record of the account as the...
• Texas Section 2116.012 - Transfer Of Depository Account
  (a) A depository account may be transferred on the books of the depository only on presentation to the depository of: (1) evidence of transfer satisfactory...
• Texas Section 2116.013 - Depository Accounts Not Interest-bearing
  The depository may not pay on a depository account: (1) interest; (2) an amount in the nature of interest; or (3) a fee or other...
• Texas Section 2116.014 - Lien On Depository Account
  (a) Without the need of any further agreement or pledge, the depository has a lien on each depository account owned by a depository account holder...
• Texas Section 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...
• Texas Section 2116.016 - Applicability Of Estates Code
  The applicable provisions of Chapters 111, 112, and 113, Estates Code, govern a depository account. Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B....
• Texas Section 2116.017 - Pledge Of Jointly Held Depository Account
  (a) Unless a term of the depository account provides otherwise, a person on whose signature precious metals may be withdrawn from a depository account that...
• Texas Section 2116.018 - Depository Account Held By Fiduciary
  (a) The depository or a depository agent may accept a depository account in the name of a fiduciary, including an administrator, executor, custodian, guardian, or...
• Texas Section 2116.019 - Depository Account Held In Trust; Undisclosed Trust Instrument
  (a) If the depository opens a depository account for a person claiming to be the trustee for another person and the depository has no other...
• Texas Section 2116.020 - Power Of Attorney; Revocation On Death Or Incompetency
  (a) The depository shall recognize the authority of an attorney-in-fact authorized in writing by a depository account holder to manage or withdraw precious metals from...
• Texas Section 2116.021 - Transactions And Relationships
  The depository shall enter into transactions and relationships with bullion banks, depositories, dealers, central banks, sovereign wealth funds, financial institutions, international nongovernmental organizations, and other...
• Texas Section 2116.022 - Certain Actions Prohibited
  The depository may not take any of the following actions, and any attempt by the depository to take any of the following actions is void...
• Texas Section 2116.023 - Confiscations, Requisitions, Seizures, And Other Actions Void
  (a) A purported confiscation, requisition, seizure, or other attempt to control the ownership, disposition, or proceeds of a withdrawal, transfer, liquidation, or settlement of a...
• Texas Section 2116.024 - Official Exchange Rates
  The comptroller by rule shall establish the references by which the official exchange rate for pricing precious metals transactions in terms of United States dollars...
• Texas Section 2116.025 - Facilitation Of Accounting And Reporting Of Taxable Gains
  The comptroller by rule shall establish procedures and requirements for the depository and depository agents designed to minimize the burden to system participants of accounting...

SUBCHAPTER B DEPOSITORY AGENTS

• Texas Section 2116.026 - Annual Report
  The comptroller shall submit to the governor and the legislature a report on the status, condition, operations, and prospects for the depository and depository participation...
• Texas Section 2116.051 - Use Of Depository Agents
  The depository shall use private, independently managed firms and institutions licensed as depository agents as intermediaries to conduct retail transactions in bullion and specie on...
• Texas Section 2116.052 - Electronic Information Sharing Systems And Processes
  The comptroller by rule shall require a depository agent to maintain suitable systems and processes for electronic information sharing and communication with the comptroller and...
• Texas Section 2116.053 - Periodic Reports
  A depository agent shall submit monthly, quarterly, and annual reports of all depository transactions not later than the 15th day of the month following the...

Last modified: September 28, 2016