Sec. 65.013. ACCOUNT AS LEGAL INVESTMENT. (a) Each of the following persons may invest money held by the person in a savings account of an association or a federal association:
(1) any fiduciary, including an administrator, executor, guardian, or trustee;
(2) a political subdivision or instrumentality of this state;
(3) an insurance company doing business in this state;
(4) a business or nonprofit corporation;
(5) a charitable or educational corporation or association; and
(6) a financial institution, including a bank or credit union.
(b) An investment by an insurance company in a savings account is eligible for tax reducing purposes under Chapter 221, Insurance Code.
(c) An investment by a school district in a savings account insured by the Federal Deposit Insurance Corporation is considered to meet the requirements of Section 45.102, Education Code.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.109, eff. September 1, 2005.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle B - Savings and Loan Associations
Subchapter A. General Provisions
Section 65.001. Limitations on Accounts
Section 65.002. Investment in Accounts
Section 65.003. Savings Contract
Section 65.004. Evidence of Account
Section 65.005. Account Ownership
Section 65.006. Transfer of Account
Section 65.007. Lost or Destroyed Account Book or Certificate
Section 65.008. Account Withdrawals
Section 65.009. Interest or Dividends Paid on Accounts
Section 65.010. Redemption of Savings Account
Section 65.011. Lien on Savings Account