Tex. Educ. Code Section 43.007
Purchase and Sale or Exchange of Securities

(a)

The State Board of Education may authorize the purchase of all of the types of securities in which it is authorized by law to invest the permanent school fund in either registered or negotiable form. The board may authorize the reissue of those securities held at any time for the account of the permanent school fund in either registered or negotiable form. The State Board of Education may authorize the sale of any of the securities held for the account of the permanent school fund and reinvest the proceeds of sale for the fund and may authorize the exchange of any of the securities held for the account of the permanent school fund.

(b)

In making purchases, sales, exchanges, and reissues, the State Board of Education shall exercise the judgment and care under the circumstances then prevailing that persons of ordinary prudence, discretion, and intelligence exercise in the management of their own affairs not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital.

(c)

When any securities are sold, reissued, or exchanged as provided by Subsection (a), the custodian of the securities shall deliver the securities sold, reissued, or exchanged in accordance with the directions of the State Board of Education.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.

Source: Section 43.007 — Purchase and Sale or Exchange of Securities, https://statutes.­capitol.­texas.­gov/Docs/ED/htm/ED.­43.­htm#43.­007 (accessed Apr. 20, 2024).

43.001
Composition of Permanent School Fund and Available School Fund 43.002
Transfers from Permanent School Fund and General Revenue Fund to Available School Fund 43.003
Investment of Permanent School Fund 43.004
Written Investment Objectives 43.005
External Investment Managers 43.006
Investment Management 43.007
Purchase and Sale or Exchange of Securities 43.009
Prepayment of Certain Bonds Held by the Permanent School Fund 43.010
Default of School District Securities Held by the Permanent School Fund 43.011
Authorized Refunding of Defaulted School Bonds 43.012
Refunding Other Defaulted Obligations 43.013
Jurisdiction 43.014
Duties of Comptroller 43.015
Duties of Comptroller 43.016
Use of Available School Fund 43.017
Use of Commercial Banks as Agents for Collection of Income from Permanent School Fund Investments 43.018
Participation in Fully Secured Securities Loan Programs 43.019
Accounting Treatment of Certain Exchanges 43.020
Treatment of Accrued Income 43.0031
Permanent School Fund Ethics Policy 43.0032
Conflicts of Interest 43.0033
Reports of Expenditures 43.0034
Forms 43.0051
Transfers to Real Estate Special Fund Account of the Permanent School Fund 43.051
Definitions 43.052
Creation of Corporation 43.053
Board of Directors 43.054
Chief Executive Officer 43.055
Employees 43.056
Sovereign Immunity 43.057
Liability Insurance for Board Members and Employees 43.058
Ethics Policy 43.059
Applicability of Certain Laws 43.060
Exception to Open Meeting Requirements for Certain Consultations Concerning Investments 43.061
Record Retention 43.062
Information Technology and Associated Resources 43.063
General Powers and Duties of Corporation 43.064
Contracting for Facilities and Necessary Support 43.065
Written Investment Objectives 43.066
Distributions by Corporation from Permanent School Fund to Available School Fund 43.067
Bond Guarantee Program 43.068
Annual Audit 43.069
Annual Investment Report 43.070
Report on Anticipated Transfer to Available School Fund 43.071
Gifts, Grants, and Donations
Green check means up to date. Up to date

Accessed:
Apr. 20, 2024

§ 43.007’s source at texas​.gov