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Tex. Fin. Code § 273.303

PRIMARY ACCOUNT

Known as the Texas Savings and Loan Supplemental Fund Act

The act spans §§ 273–273 (44 sections).

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

(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.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.