Tex. Educ. Code § 56.247 · Subchapter L. STUDENT ENDOWMENT SCHOLARSHIP AND INTERNSHIP PROGRAM
STUDENT ENDOWMENT FUND.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Each institution shall establish a student endowment fund consisting of the revenue from the additional student fee and the interest and other income from investment of the fund. The fund shall be invested by the governing board in accordance with the policies governing investment of other funds held and invested by the board on behalf of the institution.
(b) Scholarships and internships shall be paid from the fund, subject to the requirements of this section and Section 56.246.
(c) Scholarships and internships may be paid from both the income and the principal of the fund, except that after the first five-year period after the date the fund is established, not more than five percent of the principal of the fund may be expended for scholarships and internships for any year.
(d) For purposes of this section, five percent of the capital gains for any year from investment of the fund is considered income.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 1473, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 555 (S.B. 1417), Sec. 4, eff. September 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ED/htm/ED.56.htm
- Text hash
- sha256 e64cc416456fd2a417bb0ef020d100302a826c0713c95ed9829f4c52bfc5d811
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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