Texas Finance Code

§ 273.303 — PRIMARY ACCOUNT

FI § 273.303Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 273. SAVINGS AND LOAN SUPPLEMENTAL FUND ACT · Art. D. PRIMARY AND ADMINISTRATIVE ACCOUNTS; ISSUANCE OF SECURITIES

Statute text

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(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

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.