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<br />I <br /> <br />-- <br /> <br />- <br /> <br />GE.:\i."ERAL GOVER."iME.:\i."T <br />Ch. 2256 <br /> <br />:12256.lJl1 <br /> <br />Historic:ll and Statutory Notes <br /> <br />ActS 1995. 7.:th Leg.. ch. 32. in the section For application provisions of ActS 1997. 75th <br />beauing. addetl "and share certiEic:ltos"; in the Leg.. ch. 1421. see notes following V.T.e.\... <br />imroductory paragraph. inserted "or share cer. Government Code 9 2256.002. <br />till~ate". following "the certificate". deleted "of Prior Laws: ' <br />deposit". and insened ", or a state or federal A 1987 70th L h SSo <br />ctS , ell.. c. . . <br />eredit union domiciled in this state"; and in A 1989 -I L h -9 < 1 <br />CtS ,/steg..c.~.,. <br />subd. OJ, added "or the N:>.tional Credit Union ActS 1989. 71st Leg.. ch. 628. 9 1. <br />Share Insurance Fund or itS successor". ActS 1989, 71st Leg.. ch. 693. 94. <br />Acts 1989. 71st Leg.. ch. 750.3 1. <br />Vernon's Ann.Civ.SL an. S413-2. 9 2(a). <br />ACtS 1993. 73rd Leg.. ch. 268, 9 1. <br />V.T.C.A.. Government Code 3 2256.007. <br /> <br />Acts 1997, 75th Leg.. ch. 1421. in the intro. <br />ductory lanlruage, substituted "bank" for "and <br />lo~n :LSsod.:uion". <br /> <br />~ 2256.011. Authorized Investments: Repurchase Agreements <br /> <br />(a) A fully collateralized repurchase agreemem is an authorized inves;:me:lt <br />under this subchapter if the repurchase agreement: <br /> <br />(I) has a defined termination date; <br /> <br />(2) is secured by obligations described by Section 2256.009(a)(!); and <br /> <br />(3) requires the securities being purchased by the entity to be pledged to <br />the entity, held in the entity's name, and deposited at the time the inves;:me:1t <br />is made with the entity or with a third par.:y selected and approved by the <br />emity; a."'1d <br /> <br />(4) is placed through. a primary governme:1t securities dealer. as defined by <br />the Federal Reserve, or a financial institution doing bus mess in this SLate. <br /> <br />(b) In this section, "repurchase agreement" means a simultaneous agree- <br />me:1t to buv. hold for a specified time. and sell back at a furore date oblie-ations <br />described bv Section 2256.009(a)(!),'at a market value at the time the ru;ds are <br />disbursed ;r not less than the principal amount of the funds disbursed. The <br />term includes a direct security repurchase agreement and a reverse security <br />repurchase agreement. <br /> <br />(c) Notwithstanding any other law, the term of any reverse security repur- <br />chase agreement may not exceed 90 days after the date the reverse security <br />repurchase agreement is delivered. <br /> <br />(d) Money received by an entity under the terms of a reverse security <br />repurchase agreement shall be used to acquire additional authorized invest- <br />ments, but the term of the authorized investments acauired must marore not <br />later than the expiration date stated in the reverse sec~ty repurchase agree~ <br />me:1t. <br /> <br />J <br /> <br />Amended by Acts 1995. 74th Leg.. ch. 402. 9 1. eff. Se?L I, 1995. <br /> <br />,. <br /> <br />, <br /> <br />Historic:U and Statutory Notes <br /> <br />! <br />j <br />:1 c <br />, <br />.1 <br />'I <br /> <br />Sec:ion 6 of the 1995 amendatory ~ct pro- <br />,'ides: <br />.. As provided by Section 1.02. Senate Bill No. <br />959. [ch. 76j Acts of the 74th Legisbture. Regu- <br /> <br />lar Session. 1995. this Act controls ove~ Sen~te <br />Bill No. 959 to the e:'ttent of any conflic:." <br /> <br />.-.4-- <br /> <br />-. <br />