1999 - Laserfiche WebLink

Home Browse Search

GENERAL GOVERNMENT Ch. 2256 deposit. withdraw, transfer, or manage. in any other manner the funds of the investing entity. ": in subset. (h), inserted "for anv investing entity other than for that commission": in subsec. (i). substituted "a business organization offering to engage in an investment transaction with" for an entity seeking to sell an investment to ", inserted "For purposes of this subsection, an investment officer has a personal business rela- tionship with a business organization if: ", and added subds. (1) to (3); in subsec. W. substitut- ed "oiicring to engage in an investment rmnsac- tion with an investing entity" for "seeping to sell to the entity an authorized investment inserted "For purposes of this subsection, a business organization includes investment pools. Nothing in this subsection relieves the investing enti v of the responsibility for monitor- ing the investments made by the investing entity to determine that they arc in compliance with the investment poliev. substituted "qualified representative" for "registered principal sub- stituted "offering to engage in an investment traansaaion with an investing enritv'' for- "se_k- ing to sell an authorized investment ", inserted "in a form acceptable to the investing entity and the business organization substituted "busi- ness organization" for "resister ed principal ", in subd. (1), deleted "thoroughly ", in subd. (2), Person responsible 1 347 § 2256.006 inserted "business deleted "imprudent invest- ment activities arising out of ', and . inserted "that are not authorized by the entity's invest- ment policy: except to the extent that this autho- rization is dependent on an analysis of the makeup of the cntity's' ntire portfolio. or re- quires an interpretation of subjective investment standards ": and in subsec. (1), substituted "ac. quire or otherwise obtain any authorized invest- ment described _in the investment policy of the investing entity" for "ouv anv securities and substituted "the instr-ument required" for "an instrument in substantially the form provided ". For application provisions of Acts 1997. 75th Leg., ch. 1421, see notes following. V.T.C.A.. Government Code § 22 =6.002. Prior Laws: Acs 1979. 66th Leg., p. 2071, ch. 810. Acts 1987. 70th Le2., ch. 3S9. Acs 1989. 71st Les— eh. 623. § 2. Acts 1989. 71st Leg.. ch. 693. §§ 2. 3. Vernon's Ann.Civ.SL ars. 842a -2.. § 4413(340. sc 2W. (b), 3(a). (b). Acts 1993. 73rd Le2., eh. 268. § 1. V.T.C.A.. Govc.: cnt Code H 2256.004. 225 6.052. 2256.0054, 2256.0 - -5. Notes of Decisions 1. Peron responsible Commissioners court may designate which county funds are to be invested and direct trea- § 2256.006. Standard of Care surer to invest those Finds in accordance with Public Funds Invest eat Act- Op attv.Gen. 1992. 1\1o. DPI -96. (a) Investments shall be made with jud -anent and care, under prevailing circumstances, .that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation, but. for investment, considering the probable safety of capital and the probable income to be derived. Investment of fiends shall be governed by the followinL- investment objectives, in order of priority: y r v .(1) preservation and safety of principal (2) liquidity; and (3) yield. (b) In deter-mini With respect to an into consideration: ng whether an investment officer ha investment decision, the determination exercised prudence shall be-made takinsz (1) the investment of all funds, or funds under the entitv's control, over which- the officer had responsibility rather than a consideration as to the prudence of a single investment: and -