Tex. Gov't Code § 2257.042 · Subchapter C. CUSTODIAN; PERMITTED INSTITUTION
DEPOSIT OF SECURITIES WITH PERMITTED INSTITUTION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A custodian may deposit with a permitted institution an investment security the custodian holds under Section 2257.041.
(b) If a deposit is made under Subsection (a):
(1) the permitted institution shall hold the investment security to secure funds the public entity deposits in the depository that pledges the investment security;
(2) the trust receipt the custodian issues under Section 2257.045 shall show that the custodian has deposited the security in a permitted institution; and
(3) the permitted institution, on receipt of the investment security, shall immediately issue to the custodian an advice of transaction or other document that is evidence that the custodian deposited the security in the permitted institution.
Notes and commentary — not statutory text
History
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.2257.htm
- Text hash
- sha256 9cc2cd296fb01bb3b42907a320b6a48c0da22784a7b6030fb0ef712f2f2c6719
- 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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