Tex. Gov't Code § 404.0211 · Subchapter C. STATE DEPOSITORIES AND INVESTMENT OF STATE FUNDS
CONFLICT OF INTEREST.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A bank is not disqualified from serving as a depository for funds of a state agency if:
(1) an officer or employee of the agency who does not have the duty to select the agency's depository is an officer, director, or shareholder of the bank; or
(2) one or more officers or employees of the agency who have the duty to select the agency's depository are officers or directors of the bank or own or have a beneficial interest, individually or collectively, in 10 percent or less of the outstanding capital stock of the bank, if:
(A) a majority of the members of the board, commission, or other body of the agency vote to select the bank as a depository; and
(B) the interested officer or employee does not vote or take part in the proceedings.
Notes and commentary — not statutory text
History
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 19, 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.404.htm
- Text hash
- sha256 f0f6c5b3fb6e02d3fcc32f0a24a3c0a4695308d87915b6ce1734217ecbe531d3
- 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.