Tex. Gov't Code 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 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 (Investment of Bond Proceeds in Obligations of United States or Interest-bearing Secured Time Bank Deposits), Education Code, and the depository may be used by a district instead of a depository bank for the purposes of Subchapter G (Definitions), Chapter 45 (School District Funds), Education Code.
Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 1, eff. June 19, 2015.

Source: Section 2116.015 — Depository Account as Legal Investment, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­2116.­htm#2116.­015 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 2116.015’s source at texas​.gov