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L_ �1 GE\ERAJ- G O VEPUNIMEN'T Ch. 2256 -- Historical and Statutory Notes Acts 1995. 74th Leg., ch. 32, in the section heading, added "and share certificates ": in the introductory paragraph, inserted "or share cer- tificate". following "the certificate ", deleted "of deposit and inserted ", or a state or federal credit union domiciled in this state ": and in subd. (1), added "or the National Credit Union Share Insurance Fund or its successor ". Acts 1997. 75th Leg.. ch. 1421, in the intro- ductory language, substituted "bank" for "and loan association ". 351 3 22z)b.0 11 For application provisions of Acts 1997. 75th Lea., ch. 1421, see notes following V.T.0 a.. Government Code § 2256.002. Prior Laws: ` Acts 1987, 70th Lez., ch. 339. Acts 1989, 71st Lea., eh.19. § 1. Acts 1989. 71st Lc,,.. ch. 625. § 1. Acts 1989. 71st Leg., ch. 693. § 4.1 Acts 1989, 71st Leg., ch. 750. § 1. Vernon's Ann.Civ.SL art. 3423 -2. § 2(a). Acs 1993. 73rd Leg., eh. 268. § 1. V.T.C.-'L. Government Code § 2256.007. § 22 6.011. Authorized Investments: Repurchase Agreements (a) A fully collateralized repurchase agreement is an authorized invest.-ient under this subchapter if the repurchase agreement: 0 ) has a defined termination date; I. (2) is secured by obligations described by Section 2256.009(a)(1):. and (3) requires the securities being purchased by the entity to be pledged to the entity, held in the entity's name, and deposited at the time the investor, ent is made with the entiry or with a third parzv selected and approved by the entity; and (4) is placed through, a primary govenunent securities dealer, as defined by the Federal Reserve, or a financial institution doing business in this state. (b) In this section,, 'repurchase agreement" means a simultaneous agree- ment to buy, hold for a specined time, and sell back at a future date obligations described by Section 2256.009(a)(1), at a market value at the time the funds are disbursed of not less than the principal amount of the funds disbursed. The term includes a direct security repurchase agreement and a reverse security repurchase agreement. (c) Notwithstanding any other law, the term of any reverse security repur- chase agreement may not exceed 90 days after the date the reverse security repurchase agreement is delivered. (d) Money received by an entity under the •terms of a reverse security repurchase agreement shall be used to acquire additional authorized invest- ments, but the term of the authorized investments acquired must mature not later than the expiration date stated in the reverse security repurchase agree- meat. k Amended by .feu 1995, 74th Leg., ch. 402. § 1, eff. Sept. 1. 1995. - r Historical and Statutory dotes Scc:ion 6 of the 1995 amendatory act pro- lar Session. 1995. this Act controls over Senate vides: Bill No. 959 to the extent of any conflict.' "As provided by Section 1.02. Senate Bill No. 95?. (ch. 761 Acts of the 74th Legislature. Re-.u-