Texas Government Code 404.106 – Earnings; Authorized Investments
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(a) Any net earnings of the trust company attributable to capital stock or investments of capital stock shall be credited annually to the account of the treasury and shall be allocated annually to the funds held and managed by the comptroller in accordance with § 404.071(a).
(b) Funds held by the trust company shall be invested in obligations authorized by law for the investment of funds held and managed by the comptroller.
Terms Used In Texas Government Code 404.106
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
(c) With respect to specific funds held by the trust company for a particular participant, the trust company has the same investment authority as that participant for those specific funds.
(d) The trust company may hold reserve balances or securities as required by the Federal Reserve System or as required for participation in a depository trust company.