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funds is effective until rescinded by the investing entity, until <br />the expiration of the officer's term or the termination of the <br />person's employment by the investing entity, or if an investment <br />management firm, until the expiration of the contract with the <br />investing entity. In the administration of the duties of an <br />investment officer, the person designated as investment officer <br />shall exercise the judgment and care, under prevailing <br />circumstances, that a prudent person would exercise in the <br />management of the person's own affairs, but the governing body of <br />the investing entity retains ultimate responsibility as fiduciaries <br />of the assets of the entity. Unless authorized by law, a person <br />may not deposit, withdraw, transfer, or manage in any other manner <br />the funds of the investing entity. <br />(g) Subsection (f) does not apply to a state agency, local <br />government, or investment pool for which an officer of the entity <br />is assigned by law the function of investing its funds. <br />Text of subsec. (h) as amended by Acts 1997, 75th Leg., ch. 685, <br />Sec. 1 <br />(h) An officer or employee of a commission created under <br />Chapter 391, Local Government Code, is ineligible to be an <br />investment officer for the commission under Subsection (f) if the <br />officer or employee is an investment officer designated under <br />Subsection (f) for another local government. <br />Text of subsec. (h) as amended by Acts 1997, 75th Leg., ch. 1421, <br />Page -9 - <br />