Texas Natural Resources Code 162.0041 – Custody and Investment of Assets Pending Transactions
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Terms Used In Texas Natural Resources Code 162.0041
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
With the approval of the comptroller, the board, in managing the assets of the fund, pending the completion of an investment transaction, may:
(1) select one or more commercial banks, depository trust companies, or other entities to serve as a custodian of the cash or securities of the fund; and
(2) authorize the custodian to invest cash held under Subdivision (1) in the investments determined by the board.