Section 2116.015 - Depository Account As Legal Investment(a) The following persons may invest the person's money in a depository account by purchasing precious metals and depositing the precious metals with the depository or a depository agent:(1) an individual or fiduciary, including an administrator, executor, custodian, guardian, or trustee;(2) a political subdivision of this state or an instrumentality of this state;(3) a business or nonprofit corporation;(4) a charitable or educational corporation or association; or(5) a financial institution, including a bank, savings and loan association, or credit union.(b) An investment by a school district in a depository account may be made instead of an investment as provided by Section 45.102, Education Code, and the depository may be used by a district instead of a depository bank for the purposes of Subchapter G, Chapter 45, Education Code.Tex. Gov't. Code § 2116.015
Added by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 1000,Sec. 1, eff. 6/19/2015.