Texas Local Government Code 116.001 – Definitions
Terms Used In Texas Local Government Code 116.001
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
In this chapter:
(1) “Bank” means a:
(A) bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state; or
(B) savings and loan association or savings bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state.
(2) “Demand deposit” means a deposit of funds that may be withdrawn on the demand of the depositor.
(3) “Time deposit” means a deposit of funds subject to a contract between the depositor and the depository under which the depositor may not withdraw any of the funds by check or by another manner until the expiration of a certain period following written notice of the depositor’s intent to withdraw the funds.
(4) “Subdepository bank” means an authorized bank, other than a depository, that holds demand deposits, not exceeding the Federal Deposit Insurance Corporation‘s limit, of a district, county, or precinct officer.