Tex.
Gov't Code Section 490.104
Management of Investment Portfolio; Winding up and Final Liquidation
(a)
In this section, “state’s emerging technology investment portfolio” means:(1)
the equity positions in the form of stock or other security the governor took, on behalf of the state, in companies that received awards under the Texas emerging technology fund; and(2)
any other investments made by the governor, on behalf of the state, in connection with an award made under the Texas emerging technology fund.(b)
The Texas Treasury Safekeeping Trust Company shall manage and wind up the state’s emerging technology investment portfolio. The trust company shall wind up the portfolio in a manner that, to the extent feasible, provides for the maximum return on the state’s investment while also ensuring the return of the state’s investment. In managing those investments through procedures and subject to restrictions that the trust company considers appropriate, the trust company may acquire, exchange, sell, supervise, manage, or retain any kind of investment that a prudent investor, exercising reasonable care, skill, and caution, would acquire or retain in light of the purposes, terms, distribution requirements, and other circumstances then prevailing pertinent to each investment. The trust company may recover its reasonable and necessary costs incurred in the management of the portfolio, including costs incurred in the retaining of professional or technical advisors, from the earnings on the investments in the portfolio.(c)
Any realized proceeds or other earnings from the sale of stock or other investments in the state’s emerging technology investment portfolio, less the amount permitted to be retained for payment of its costs for managing the portfolio as provided by Subsection (b), shall be remitted by the Texas Treasury Safekeeping Trust Company to the comptroller for deposit in the general revenue fund.(d)
The Texas Treasury Safekeeping Trust Company has any power necessary to accomplish the purposes of this section.(e)
On final liquidation of the state’s emerging technology investment portfolio, the Texas Treasury Safekeeping Trust Company shall promptly notify the comptroller of that occurrence. As soon as practicable after receiving that notice, the comptroller shall verify that the final liquidation has been completed and, if the comptroller so verifies, shall certify to the governor that the final liquidation of the portfolio has been completed. The governor shall post notice of the certification on the office of the governor’s Internet website.(1)
the equity positions in the form of stock or other security the governor took, on behalf of the state, in companies that received awards under the Texas emerging technology fund; and(2)
any other investments made by the governor, on behalf of the state, and associated assets in connection with an award made under the Texas emerging technology fund.(b)
The Texas Treasury Safekeeping Trust Company shall manage and wind up the state’s emerging technology investment portfolio. The trust company shall wind up the portfolio in a manner that, to the extent feasible, provides for the maximum return on the state’s investment. In managing those investments and associated assets through procedures and subject to restrictions that the trust company considers appropriate, the trust company may acquire, exchange, sell, supervise, manage, or retain any kind of investment or associated assets that a prudent investor, exercising reasonable care, skill, and caution, would acquire or retain in light of the purposes, terms, distribution requirements, and other circumstances then prevailing pertinent to each investment or associated asset. The trust company may recover its reasonable and necessary costs incurred in the management of the portfolio from the earnings on the investments and associated assets in the portfolio.(c)
Any realized proceeds or other earnings from the sale of stock or other investments or associated assets in the state’s emerging technology investment portfolio, less the amount permitted to be retained for payment of its costs for managing the portfolio as provided by Subsection (b), shall be remitted by the Texas Treasury Safekeeping Trust Company to the comptroller for deposit in the general revenue fund.(d)
The Texas Treasury Safekeeping Trust Company has any power necessary to accomplish the purposes of this section.(e)
On final liquidation of the state’s emerging technology investment portfolio, the Texas Treasury Safekeeping Trust Company shall promptly notify the comptroller of that occurrence. As soon as practicable after receiving that notice, the comptroller shall verify that the final liquidation has been completed and, if the comptroller so verifies, shall certify to the governor that the final liquidation of the portfolio has been completed. The governor shall post notice of the certification on the office of the governor’s Internet website.(f)
Any balance remaining in the Texas emerging technology fund on final liquidation by the Texas Treasury Safekeeping Trust Company shall be remitted to the comptroller for deposit in the general revenue fund.
Source:
Section 490.104 — Management of Investment Portfolio; Winding up and Final Liquidation, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.490.htm#490.104 (accessed Jun. 5, 2024).
