Sec. 41.2035. FUND. (a) The grain producer indemnity fund is a trust fund outside the state treasury to be held and administered by the board, without appropriation, for the payment of claims against a grain buyer who has experienced a financial failure.
(b) The board shall deposit assessments remitted under Section 41.206 in the fund.
(c) Interest or other income from investment of the fund shall be deposited to the credit of the fund.
(d) As a part of the annual budget proposal procedure described by Section 41.059, the board shall set a minimum balance for the fund to be held in reserve to pay for administrative costs in the event that claims against the fund exceed the total balance of the fund. The board shall post the minimum balance set under this subsection on the board's Internet website.
Added by Acts 2015, 84th Leg., R.S., Ch. 33 (S.B. 1099), Sec. 3, eff. May 19, 2015.
Structure Texas Statutes
Title 3 - Agricultural Research and Promotion
Chapter 41 - Commodity Producers Boards
Subchapter I. Texas Grain Producer Indemnity Board
Section 41.202. Declaration of Policy
Section 41.203. Conflict With General Commodity Law Provisions
Section 41.205. Powers and Duties of Board
Section 41.206. Collection of Assessment
Section 41.207. Assessments; Applicability of Other Law
Section 41.208. Initiation of Claim
Section 41.209. Payment of Claim
Section 41.210. Reimbursement of Board by Grain Buyer; Subrogation of Rights; Reinsurance
Section 41.212. Referendum; Balloting
Section 41.213. Notice of Referendum