Texas Education Code 54.801 – Definitions
Terms Used In Texas Education Code 54.801
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
In this subchapter:
(1) “Accredited out-of-state institution of higher education,” “career school,” “general academic teaching institution,” “medical and dental unit,” “private or independent institution of higher education,” “registered apprenticeship program,” and “two-year institution of higher education” have the meanings assigned by § 54.751.
(2) “Beneficiary” means a beneficiary on whose behalf a purchaser enters into a prepaid tuition contract with the board under Subchapter H or for whom a savings trust account is opened under Subchapter G.
(3) “Board” means the Prepaid Higher Education Tuition Board.
(4) “Fund” means the Texas save and match trust fund established under § 54.808.
(5) “Program” means the Texas Save and Match Program established under this subchapter.
(6) “Program entity” means the Texas Match the Promise Foundation, a Texas nonprofit corporation, or any other tax-exempt charitable organization established by law to implement the program.