Art. 6243-22. PERMANENT OLD AGE PENSION FUND; LIQUIDATION.
Sec. 1. LIQUIDATION OF CERTAIN UNITED STATES OBLIGATIONS; REDEPOSIT. The Comptroller of the State of Texas is empowered and directed to immediately sell and liquidate any and all bonds or interest bearing obligations of the United States or obligations guaranteed as to both principal and interest by the United States that have been deposited in the Permanent Old Age Pension Fund and the gross proceeds from such sale and liquidation shall be immediately redeposited in the Permanent Old Age Pension Fund.
Sec. 2. TRANSFER TO TEXAS OLD AGE ASSISTANCE FUND. It is further provided that there is hereby appropriated and transferred all monies, choses in action, funds and things of value now a part of and accumulated in the Permanent Old Age Pension Fund into the Texas Old Age Assistance Fund to be used by the Old Age Assistance Commission for the sole purpose of paying Old Age Assistance Grants to applicants whose applications have been and may be approved and allowed; and be it further provided that no portion of said money shall be expended for administrative purposes; and be it further provided that the comptroller and all other accounting officers in the State are hereby authorized and directed to take such action as may be necessary to effectuate this appropriation and transfer.
Acts 1936, 44th Leg., 3rd C.S., p. 1989, ch. 479. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 21.62, eff. Sept. 1, 1997.
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