Texas Transportation Code 457.057 – Deposit of Money
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(a) The board shall designate one or more banks as depositories for authority funds. All authority money, other than money invested as provided by Section 457.056, shall be deposited in one or more of the authority’s depository banks.
(b) Funds in a depository, to the extent that those funds are not insured by the Federal Deposit Insurance Corporation, shall be secured in the manner provided by law for the security of county funds.
Terms Used In Texas Transportation Code 457.057
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.