Texas Health and Safety Code 712.043 – Additional Fund Report
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Terms Used In Texas Health and Safety Code 712.043
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
The commissioner may require, as often as the commissioner determines necessary, the trustee of a corporation‘s fund to make under oath a detailed report of the condition of the fund. The report must include:
(1) a detailed description of the assets of the fund;
(2) a description of securities held by the fund;
(3) if a security held by the fund is a lien, a description of the property against which the lien is taken;
(4) each security’s acquisition cost;
(5) each security’s market value at the time of acquisition;
(6) each security’s current market value;
(7) each security’s status with reference to default;
(8) a statement that a security is not encumbered by debt; and
(9) any other information the commissioner determines is pertinent.