Tex. Insurance Code § 424.110
POOL MANAGER TO MAINTAIN ASSETS; CUSTODY AGREEMENT
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 424.110, POOL MANAGER TO MAINTAIN ASSETS; CUSTODY AGREEMENT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/677473
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Full text
(a) The pool manager shall maintain the assets of the investment pool in one or more accounts, in the name of or on behalf of the pool, under a custody agreement with a qualified bank.
(b) The custody agreement must:
(1) state and recognize the claims and rights of each participant;
(2) acknowledge that the investment pool's underlying assets are held solely for the benefit of each participant in proportion to the aggregate amount of the participant's investments in the pool; and
(3) contain an agreement that the pool's underlying assets may not be commingled with the general assets of the custodian qualified bank or any other person.