(a) The Texas Water Trust is established within the water bank to hold water rights dedicated to environmental needs, including instream flows, water quality, fish and wildlife habitat, or bay and estuary inflows.
(b) The board, in consultation with the Parks and Wildlife Department and the commission, shall adopt rules governing the process for holding and transferring water rights.

(c) The dedication of any water rights placed in trust must be reviewed and approved by the commission, in consultation with the board and the Parks and Wildlife Department. In addition, the Department of Agriculture may provide input to the commission, as appropriate, during the review and approval process for dedication of water rights.
(d) Water rights may be held in the trust for a term specified by contractual agreement or in perpetuity.
(e) The Parks and Wildlife Department may manage rights in the trust:
(1) under a voluntary agreement with a rights holder; and
(2) in the manner described by § 12.028(c), Parks and Wildlife Code.