An employing public school and its governing body:
(1) hold contributions required by this subchapter in trust for the fund and its participants; and
(2) may not divert the contributions for any other purpose.
Tex. Ins. Code § 1575.206
CONTRIBUTIONS HELD IN TRUST FOR FUND
Known as the Texas Public School Retired Employees Group Benefits Act
The act spans §§ 1575.001 to 1575.506 (105 sections).
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 3, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.