Tex. Fin. Code § 273.303 · Subchapter D. PRIMARY AND ADMINISTRATIVE ACCOUNTS; ISSUANCE OF SECURITIES
PRIMARY ACCOUNT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Money from the sale of the corporation's securities constitutes the primary account of the corporation.
(b) Money in the primary account may be invested in:
(1) a certificate of deposit or other interest-bearing account in a savings and loan association or commercial bank domiciled in this state; or
(2) securities that:
(A) will mature in not longer than five years;
(B) are issued by the United States government, this state, or a municipality or other governmental entity of this state; and
(C) are direct obligations of or secured by the full faith and credit of the issuer.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.273.htm
- Text hash
- sha256 56ab727576582fa9f96a25eaf25803df8e24b542298bc977ca9ce1e5e7618675
- 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
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.