Sec. 404.104. DUTIES OF COMPTROLLER. (a) The comptroller is the sole officer, director, and shareholder of the trust company. The comptroller's office shall manage the trust company.
(b) The comptroller may enter into contracts, trust agreements, and other instruments with the trust company as provided by Section 404.103.
(c) The comptroller shall submit to the Legislative Budget Board an audited report regarding the operations of the trust company. The trust company may contract with a certified public accountant or the state auditor to conduct an independent audit of the operations of the trust company. This subsection does not affect the state auditor's authority to conduct an audit of the trust company in accordance with Chapter 321.
Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 584, Sec. 12, eff. Sept. 1, 1989; Acts 1997, 75th Leg., ch. 1423, Sec. 7.74, eff. Sept. 1, 1997; Acts 2001, 77th Leg., ch. 1158, Sec. 23, eff. June 15, 2001.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 620 (S.B. 1138), Sec. 2, eff. June 10, 2019.
Structure Texas Statutes
Subtitle A - Executive Officers
Chapter 404 - State Treasury Operations of Comptroller
Subchapter G. Texas Treasury Safekeeping Trust Company
Section 404.102. Creation of Trust Company
Section 404.104. Duties of Comptroller
Section 404.105. Capital or Reserve
Section 404.106. Earnings; Authorized Investments
Section 404.108. Trust Company Investment Advisory Board
Section 404.109. Restrictions on Advisory Board Appointment, Membership, and Employment
Section 404.110. Removal of Advisory Board Members
Section 404.111. Advisory Board Member Training
Section 404.112. Compensation; Expenses
Section 404.114. Investment Management
Section 404.116. Liability Insurance for Certain Board Members, Officials, and Staff