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<br />GE.:\iERAL GOV.t.R..~ME~l'
<br />Ch, 2256
<br />
<br />~ 2256.U 11
<br />
<br />HistoriCJ.l and Statutory Notes
<br />
<br />Acts 1995. 74th Leg., ch, 32. in the section
<br />ht::luing. added "and share cenificJtes"; in the
<br />introductory par.lgr.lph. insened "or share cer.
<br />tilk:ll~", following "the cenificJte", deleted "of
<br />d~posit". and inserted ", or a state or feder:J
<br />credil union domiciled in this stale"; and in
<br />subd. (1), added "or the National Credit Union
<br />Sh:l;"~ InsurJnce Fund or its successor".
<br />
<br />Acts 1997, 75th Leg., ch, 1421. in the intra.
<br />ductory 1::mguJge, substituted "bank" for "and
<br />lo:m associ:l[ion".
<br />
<br />For applic:ltion provisions of Acts 1997. 75th
<br />Leg., ch, 1421. see notes following V.le.A..
<br />Government Cod~ 9 2256.002.
<br />
<br />Prior Laws:
<br />Acts 1987, 70th Le!!.. ch. 339.
<br />Acts 1989, ilst Leg., ch, 39, ~ 1.
<br />Acts 1989, ilst Leg.. ch, 625. 9 1.
<br />Acts 1989, ilst Leg.. ch, 693.9 4.
<br />Acts 1989. ilst Leg., ch. i50, S 1.
<br />Vernon's Ann.Civ.St. an. 8'+23-2, 9 2(a).
<br />Acts 1993. i3rd Leg.. ch. 268, 9 1.
<br />V.T.C.A., Government Code ~ 2256.007.
<br />
<br />S 2256.011. Authorized Investments: Repurchase .~OTeeme!lts
<br />
<br />(a) A fully collateralized repurchase agreeme~t is an authorized inVeSi:ille~t
<br />under this subchapter if the repurchase agreeme~t:
<br />
<br />(1) has a defined termination date;
<br />
<br />(2) is secured by obligations described by Section 2256.009(a)(1); 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 invesIUle:n
<br />is mLlde with the entity or with a third party selected and approved by the
<br />entity; a..'1d
<br />
<br />(4) is placed through. a primary govemme::n securities dealer, as defined by
<br />the Federal Reserve, or a financial institution doing business in this SLate.
<br />
<br />(b) In this section, "repurchase agreement" means a simultaneous agree-
<br />me~t to buy, hold ror a sDecified time, and sell back at a future date obli2'arions
<br />. . " ~
<br />
<br />described by Section 2256.009(a)(1), at a marker value at the time the funds are
<br />disbursed of not less than the principal amount of the funds disbursed. The
<br />term includes a direct security repurchase agreement an~ a reverse security
<br />repurchase agreement.
<br />
<br />(c) Non.vithstandin2' anv other law, the term of any reverse security reDur-
<br />...., . .,.. .
<br />
<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 secUIity
<br />repurchase agreement shall be used to acquire additional authorized invest-
<br />ments, but the term of the authorized invesnnents acauired must mature not
<br />.
<br />
<br />later than the expirLltion date stated in the reverse security repurchase agree-
<br />me~t.
<br />
<br />Am~ndeci by Acts 1995, i4th Leg.. ch, 402. 9 1. eff. Sqt. 1. 1995.
<br />
<br />Historical and Statutory Notes
<br />
<br />Sedan 6 of the 1995 amendJtory act pro-
<br />videS:
<br />
<br />"As provided by Section 1.02. Senate Bill No.
<br />959. [ch, i6j Acts of the i4th Legislarure. Regu.
<br />
<br />."..~
<br />......-.-.......-'_......_..._-~,.........,.,----_...., ""'0- ..' .".'......'
<br />
<br />lar S~ssion. 1995. this Act controls ove:- S~:1:lte
<br />Bill No. 959 to the extent of any conflic:,"
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<br />. . .....:~/.::;.:;...
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