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<br />nonprofit corporation acting on behalf of any of those entities. <br /> <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, <br /> <br /> <br />1995; Acts 1997, 75th Leg., ch. 1421, Sec. 1, eff. Sept. 1, 1997; <br /> <br /> <br />Acts 1999, 76th Leg., ch. 1454, Sec. 1, eff. Sept. 1, 1999. <br /> <br /> <br />Sec. 2256.003. AUTHORITY TO INVEST FUNDS; ENTITIES SUBJECT TO <br /> <br /> <br />THIS CHAPTER. (a) Each governing body of the following entities <br /> <br /> <br />may purchase, sell, and invest its funds and funds under its <br /> <br /> <br />control in investments authorized under this subchapter in <br /> <br /> <br />compliance with investment policies approved by the governing body <br /> <br /> <br />and according to the standard of care prescribed by Section <br /> <br />2256.006: <br /> <br />(1) a local government; <br /> <br />(2) a state agency; <br /> <br />(3) a nonprofit corporation acting on behalf of a local <br /> <br />government or a state agency; or <br /> <br />(4) an investment pool acting on behalf of two or more <br /> <br />local governments, state agencies, or a combination of those <br /> <br />entities. <br /> <br />(b) In the exercise of its powers under Subsection (a), the <br /> <br />governing body of an investing entity may contract with an <br /> <br />investment management firm registered under the Investment Advisers <br /> <br />Act of 1940 (15 D.S.C. Section 80b-l et seq.) or with the State <br /> <br />Securities Board to provide for the investment and management of <br /> <br />its public funds or other funds under its control. A contract made <br /> <br />Page -4 - <br />