Texas Special District Local Laws Code 1087.156 – Depository
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(a) The board shall select one or more banks to serve as a depository for district money.
(b) To the extent that money in a depository bank is not insured by the Federal Deposit Insurance Corporation, the money must be secured in the manner provided by law for the security of county funds.
Terms Used In Texas Special District Local Laws Code 1087.156
- 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.
(c) Membership on the district’s board of an officer or director of a bank does not disqualify the bank from being designated as depository.