(a) A special account known as the equine research account is created in the general revenue fund. Money in the account may be used only for the purposes described in this subchapter.
(b) The director shall administer the account through established procedures of Texas AgriLife Research, formerly known as the Texas Agricultural Experiment Station.

(c) The comptroller shall periodically transfer the amounts specified by Sections 2028.103(a) and 2028.105(a), Occupations Code, to the account.
(d) The director may accept gifts and grants for deposit into the account.
(e) The transactions of the director with respect to the account are subject to audit by the state auditor in accordance with Chapter 321, Government Code.
(f) Not more than 10 percent of the account may be spent each year on the cost incurred in the operation or administration of the account.
(g) All money received by the account under this chapter is subject to Subchapter F, Chapter 404, Government Code.
(h) Sections 403.094 and 403.095, Government Code, do not apply to the account.