|
manage in any other manner the funds of the investing entity."; in subsee. (h), inserted "for any investing entity
<br />other than for that commission"; in subsee. (i), substituted "a business organization offering to engage in an
<br />investment transaction with" for "an entity seeking to sell an investment to", inserted °For purposes of this
<br />subsection, an investment officer has a personal business relationship with a business organization if:", and added
<br />subds. (1) to (3); in subsee. (k), substituted "bffering to engage in an investment transaction with an investing
<br />entity" for "seeking to sell to the entity an authorized investment", inserted °For purposes of this subsection, a
<br />business organization includes investment pools. Nothing in this subsection relieves the investing entity of the
<br />responsibility for monitoring the investments made by the investing entity to determine that they are in compliance
<br />with the investment policy.", substituted "qualified representative" for "registered principal", substituted "bffering to
<br />engage in an investment transaction with an investing entity" for "seeking to sell an authorized investment", inserted
<br />"in a form acceptable to the investing entity and the business organization", substituted "business organization" for
<br />"registered principal", in subd. (1), deleted °thoroughly", in subd. (2), inserted "business", deleted "imprudent
<br />investment activities arising out of', and inserted °that are not authorized by the entity's investment policy, except to
<br />the extent that this authorization is dependent on an analysis of the makeup of the entity's entire portfolio or requires
<br />an interpretation of subjective investment standards"; and in subsee. (1), substituted "acquire or otherwise obtain any
<br />authorized investment described in the investment policy of the investing entity" for "buy any securities", and
<br />substituted °the instrument required" for "an instrument in substantially the form provided".
<br />For application provisions of Acts 1997, 75th Leg., ch. 1421, see notes following V.T.C.A., Government Code $
<br />2256.002.
<br />Acts 1999, 76th Leg., ch. 1454, in subsee. (f), inserted the second sentence, in the third sentence, inserted °the
<br />expiration of the officer's term or the" and or if an investment management firm, until the expiration of the
<br />contract with the investing entity", in the fourth sentence, added but the governing body of the investing entity
<br />retains ultimate responsibility of fiduciaries of the assets of the entity"; in subsee. (k), in the first sentence, added "or
<br />to an investment management firm under contract with an investing entity to invest or manage the entity's
<br />investment portfolio", and in the second sentence, added "and an investment management firm under contract with
<br />an investing entity to invest or manage the entity's investment portfolio"; in subsee. (m), in the first sentence,
<br />inserted "bther than a state agency", and deleted the second and third sentences, which previously read, "State
<br />agencies shall repart the results of the audit performed under this subsection to the state auditor. The state auditor
<br />shall compile the results of reports received under this subsection and annually report those results to the legislative
<br />audit committee."; and added subsecs. (n) and (o).
<br />Prior Laws:
<br />Acts 1979, 66th Leg., p. 2071, ch. 810.
<br />Acts 1987, 70th Leg., ch. 889.
<br />Acts 1989, 71 st Leg., ch. 628, § 2.
<br />Acts 1989, 71 st Leg., ch. 693, 2, 3.
<br />Vernon's Ann.Civ.St. arts. 842a-2, $ 5; 4413(34c), 2(a), (b), 3(a),
<br />(b).
<br />Acts 1993, 73rd Leg., ch. 268, § 1.
<br />V.T.C.A., Government Code 2256.004, 2256.052, 2256.0054,
<br />??5C) n55
<br />LIBRARY REFERENCES
<br />2000 Main Volume
<br />C
<br />Municipal Corporations 884
<br />O
<br />States 124.
<br />WESTLAW Topic Nos. 268, 360.
<br />C.J.S. Municipal Corporations § 1881.
<br />C.J.S. States § 225.
<br />Copr. C West 2001 No Claim to Orig. U. S. Govt. Works
<br />
|