Texas Government Code 2116.015 – Depository Account as Legal Investment
(a) The following persons may invest the person‘s money in a depository account by purchasing precious metals and depositing the precious metals with the depository or a depository agent:
(1) an individual or fiduciary, including an administrator, executor, custodian, guardian, or trustee;
(2) a political subdivision of this state or an instrumentality of this state;
(3) a business or nonprofit corporation;
(4) a charitable or educational corporation or association; or
(5) a financial institution, including a bank, savings and loan association, or credit union.
(b) An investment by a school district in a depository account may be made instead of an investment as provided by Section 45.102, Education Code, and the depository may be used by a district instead of a depository bank for the purposes of Subchapter G, Chapter 45, Education Code.
Terms Used In Texas Government Code 2116.015
- 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.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.