Texas Government Code 815.302 – Custody and Investment of Assets Pending Transactions
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Terms Used In Texas Government Code 815.302
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
The retirement system may, in the exercise of its constitutional discretion to manage the assets of the retirement system, select one or more commercial banks, depository trust companies, or other entities to serve as custodian or custodians of the system’s cash or securities pending completion of an investment transaction and may authorize such custodian to invest the cash so held in such short-term securities as the board of trustees determines, subject only to the provisions of § 815.301.