Texas Natural Resources Code 51.413 – Transfers From the Real Estate Special Fund Account to the Available School Fund and the Permanent School Fund
(a) The board may, by a resolution adopted at a regular meeting, release from the real estate special fund account funds previously designated under § 51.401 or managed, used, or encumbered under § 51.402 or § 51.4021 to be deposited in the State Treasury to the credit of:
(1) the available school fund; or
(2) the Texas Permanent School Fund Corporation for investment in the permanent school fund.
(b) The board shall adopt rules to establish the procedure that will be used by the board to determine the date a transfer will be made and the amount of the funds that will be transferred to the available school fund or to the Texas Permanent School Fund Corporation for investment in the permanent school fund from the real estate special fund account as provided by Subsection (a).
Terms Used In Texas Natural Resources Code 51.413
- 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.