Tex. Finance Code § 154.353
This is the official text of Tex. Finance Code § 154.353, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 154.353. DEPOSIT OF FUND OR PORTION OF FUND.
Official statutory text
(a) The fund or a portion of the fund may be deposited:
(1) with the comptroller;
(2) with a federally insured financial institution that has its main office or a branch in this state; or
(3) in trust with a financial institution that has its main office or a branch in this state and is authorized to act as a fiduciary in this state.
(b) If the fund or a portion of the fund is deposited with the comptroller, the comptroller shall manage the deposit as trustee of money outside the state treasury.
(1) with the comptroller;
(2) with a federally insured financial institution that has its main office or a branch in this state; or
(3) in trust with a financial institution that has its main office or a branch in this state and is authorized to act as a fiduciary in this state.
(b) If the fund or a portion of the fund is deposited with the comptroller, the comptroller shall manage the deposit as trustee of money outside the state treasury.
Status: in_force · Read it on the official government site
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