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<br />subchapter: <br />(1) the value of securities loaned under the program <br />must be not less than 100 percent collateralized, including accrued <br /> <br />, <br />1ncome; <br /> <br />(2 ) <br />termination at <br />(3) <br /> <br />a loan made under the program must allow for <br />any time; <br />a loan made under the program must be secured by: <br />(A) pledged securities described by Section <br /> <br />2256.009; <br /> <br />a bank that 1S: <br /> <br />(B) pledged irrevocable letters of credit issued by <br /> <br />(i) organized and existing under the laws of <br />the United States or any other state; and <br />(ii) continuously rated by at least one <br />nationally recognized investment rating firm at not less than A or <br />its equivalent; or <br />(C) cash invested in accordance with Section: <br />(i) 2256.009; <br />(ii) 2256.013; <br />(iii) 2256.014; or <br />(iv) 2256.016; <br />(4) the terms of a loan made under the program must <br />require that the securities being held as collateral be: <br />(A) pledged to the investing entity; <br />(B) held in the investing entity's name; and <br />(C) deposited at the time the investment is made <br />with the entity or with a third party selected by or approved by <br />the investing entity; <br />(5) a loan made under the program must be placed <br /> <br />through: <br /> <br />(A) a primary government securities dealer, as <br />defined by 5 C.F.R. Section 6801.102(f), as that regulation existed <br />on September 1, 2003; or <br />(B) a financial institution doing business in this <br />state; and <br />(6) an agreement to lend securities that is executed <br />under this section must have a term of one year or less. <br />Added by Acts 2003, 78th Leg., ch. 1227, Sec. 1, eff. Sept. 1, <br />2003. <br />Sec. 2256.012. AUTHORIZED INVESTMENTS: BANKER'S ACCEPTANCES. <br />A bankers' acceptance is an authorized investment under this <br />subchapter if the bankers' acceptance: <br />(1) has a stated maturity of 270 days or fewer from the <br />date of its issuance; <br />(2) will be, in accordance with its terms, liquidated in <br />full at maturity; <br />(3) is eligible for collateral for borrowing from a <br />Federal Reserve Bank; and <br />(4) is accepted by a bank organized and existing under <br />the laws of the United States or any state, if the short-term <br />