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<br />designated investment committee of the entity shall, at least
<br />annually, review, revise, and adopt a list of qualified brokers
<br />that are authorized to engage in investment transactions with the
<br />entity.
<br />Added by Acts 1997, 75th Leg., ch. 1421, Sec. 13, eff. Sept. 1,
<br />1997.
<br />Sec. 2256.026. STATUTORY COMPLIANCE. All investments made by
<br />entities must comply with this subchapter and all federal, state,
<br />and local statutes, rules, or regulations.
<br />Added by Acts 1997, 75th Leg., ch. 1421, Sec. 13, eff. Sept. 1,
<br />1997.
<br />SUBCHAPTER B. MISCELLANEOUS PROVISIONS
<br />Sec. 2256.051. ELECTRONIC FUNDS TRANSFER. Any local
<br />government may use electronic means to transfer or invest all funds
<br />collected or controlled by the local government.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1,
<br />1995.
<br />Sec. 2256.052. PRIVATE AUDITOR. Notwithstanding any other
<br />law, a state agency shall employ a private auditor if authorized by
<br />the legislative audit committee either on the committee's
<br />initiative or on request of the governing body of the agency.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1,
<br />1995.
<br />Sec. 2256.053. PAYMENT FOR SECURITIES PURCHASED BY STATE.
<br />The comptroller or the disbursing officer of an agency that has the
<br />power to invest assets directly may pay for authorized securities
<br />purchased from or through a member in good standing of the National
<br />Association of Securities Dealers or from or through a national or
<br />state bank on receiving an invoice from the seller of the
<br />securities showing that the securities have been purchased by the
<br />board or agency and that the amount to be paid for the securities
<br />is just, due, and unpaid. A purchase of securities may not be made
<br />at a price that exceeds the existing market value of the
<br />securities.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1,
<br />1995; Acts 1997, 75th Leg., ch. 1423, Sec. 8.67, eff. Sept. 1,
<br />1997.
<br />Sec. 2256.054. DELIVERY OF SECURITIES PURCHASED BY STATE. A
<br />security purchased under this chapter may be delivered to the
<br />comptroller, a bank, or the board or agency investing its funds.
<br />The delivery shall be made under normal and recognized practices in
<br />the securities and banking industries, including the book entry
<br />procedure of the Federal Reserve Bank.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1,
<br />1995; Acts 1997, 75th Leg., ch. 1423, Sec. 8.68, eff. Sept. 1,
<br />1997.
<br />Sec. 2256.055. DEPOSIT OF SECURITIES PURCHASED BY STATE. At
<br />the direction of the comptroller or the agency, a security
<br />purchased under this chapter may be deposited in trust with a bank
<br />or federal reserve bank or branch designated by the comptroller,
<br />
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