Tex. Finance Code § 273.303
PRIMARY ACCOUNT
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 273.303, PRIMARY ACCOUNT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/646919
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Full text
(a) Money from the sale of the corporation's securities constitutes the primary account of the corporation.
(b) Money in the primary account may be invested in:
(1) a certificate of deposit or other interest-bearing account in a savings and loan association or commercial bank domiciled in this state; or
(2) securities that:
(A) will mature in not longer than five years;
(B) are issued by the United States government, this state, or a municipality or other governmental entity of this state; and
(C) are direct obligations of or secured by the full faith and credit of the issuer.