Texas Education Code 43.063 – General Powers and Duties of Corporation
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(a) The corporation may amend the articles of incorporation adopted by the State Board of Education when the corporation was established, subject to board approval.
(b) The corporation may adopt and amend:
(1) subject to State Board of Education approval, bylaws for the corporation;
(2) resolutions and policies of the corporation; and
(3) any other document necessary to carry out the corporation’s purpose.
Terms Used In Texas Education Code 43.063
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Statute: A law passed by a legislature.
(c) The corporation may engage in any activity necessary to manage the investments of the permanent school fund, including entering into any contract in connection with the investment of the permanent school fund, to the extent the activity complies with applicable fiduciary duties.
(d) The corporation shall make all purchases of goods and services in accordance with applicable fiduciary duties and may use purchasing methods that ensure the best value to the corporation. In determining best value, the corporation may consider the best value standards applicable to state agencies under § 2155.074, Government Code.
(e) The corporation may:
(1) delegate investment authority for the investment of the permanent school fund to one or more private professional investment managers; or
(2) contract with one or more private professional investment managers to assist the corporation in making investments of the permanent school fund.
(f) The corporation may receive, transfer, and disburse money and securities of the fund as provided by statute or the Texas Constitution, except that the corporation may not distribute money from the permanent school fund to the available school fund except as authorized under § 43.066.
(g) The corporation may enter into a contract with a state agency, a governmental body, or another entity to manage or invest funds on behalf of the agency, body, or entity.