Sec. 54.703. OPERATION OF PLAN; ACCOUNTS HELD IN TRUST. (a) The board shall administer a higher education savings plan to enable individuals to save money for the qualified higher education expenses of an individual by establishing a savings trust account in the plan.
(b) Money contributed to a savings trust account and earnings on the account are held in trust by the board for the sole benefit of the account owner and beneficiary.
Added by Acts 2001, 77th Leg., ch. 1250, Sec. 1, eff. June 15, 2001.
Structure Texas Statutes
Subtitle A - Higher Education in General
Subchapter G. Higher Education Savings Plan
Section 54.702. Powers and Duties of Board
Section 54.703. Operation of Plan; Accounts Held in Trust
Section 54.704. Selection of Financial Institution as Plan Manager
Section 54.705. Duties of Plan Manager
Section 54.706. Contract Between Board and Plan Manager
Section 54.707. Savings Trust Accounts
Section 54.708. Contributions and Withdrawals
Section 54.709. Administration of Accounts
Section 54.710. Plan Limitations
Section 54.711. No Promise of Admission, Enrollment, or Graduation
Section 54.712. Residency Not Required
Section 54.714. Confidentiality of Records
Section 54.715. Termination or Modification of Plan
Section 54.716. Effect of Termination of Plan on Savings Trust Agreement