Texas Water Code 62.155 – Deposit in Banking Corporation
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(a) Instead of depositing the revenue of the district in the manner provided by law for districts, the commission may deposit the revenue in a banking corporation in the manner provided in § 62.156 of this code.
(b) On selection of a banking corporation by the commission under Subsection (a) of this section, revenue of the district held by anyone other than the selected banking corporation, on order of the commission, shall be deposited in the selected banking corporation to the credit of the district.
Terms Used In Texas Water Code 62.155
- Commission: means the navigation and canal commission. See Texas Water Code 62.001
- 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.
- District: means a navigation district operating under the provisions of Article XVI, § 59, of the Texas Constitution. See Texas Water Code 62.001