Tex. Fin. Code Section 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 (Property and Casualty Insurance Premium Tax), 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 (Investment of Bond Proceeds in Obligations of United States or Interest-bearing Secured Time Bank Deposits), 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.

Source: Section 65.013 — Account as Legal Investment, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­65.­htm#65.­013 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 65.013’s source at texas​.gov