Statutory dating laws texas
PROVISIONS GENERALLY APPLICABLE TO HIGHER EDUCATIONSUBCHAPTER A.
Every day in excess of the number of days hereinabove provided for that any sum of money belonging to any of the funds enumerated in this subchapter, whether depositable in special depositories or whether those that should be deposited in the state treasury, shall be withheld from deposit at its proper place of deposit, shall constitute a separate offense and each day of such withholding shall subject the officer, agent, employee, or person so withholding said sum to the penalties herein provided for. For the purpose of facilitating the transferring of such institutional receipts to the state treasury, each institution shall open in a local depository bank a clearing account to which it shall deposit daily all such receipts, and shall, not less often than every seven days, make remittances therefrom to the comptroller of all except 0 of the total balance in said clearing account, such remittances to be in the form of checks drawn on the clearing account by the duly authorized officers of the institution, and no disbursements other than remittances to the state treasury shall be made from such clearing account. Venue for a suit to recover an amount claimed by the state to be due on a surety bond is in Travis County.(f) Notwithstanding any other provision of this section, the governing board of each institution may maintain unsecured deposits in a foreign bank as necessary to support the institution's academic and research operations in the foreign country in which the bank is located, provided that no appropriated or tuition funds other than those collected from students enrolled in the affected programs are deposited. The depository banks selected may pledge their securities to protect the funds.(d) A depository shall pay interest on the deposits at a rate agreed on by the depository and the governing board.(e) Any surety bond furnished under the provisions of this section shall be payable to the governor and his successors in office. (a) A governing board may deposit funds under its control as provided in Section 51.003 of this code, may invest funds under its control in accordance with Chapter 2256, Government Code and, with regard to donations, gifts, and trusts, may establish endowment funds that operate as trusts and are managed under prudent person standards.(b) Funds described in this section may also be invested in cash management and fixed income funds held by organizations exempt from federal taxation under Section 501(f) of the Internal Revenue Code of 1986 (26 U. Section 501(f)), as that section may be amended.(c) If a governing board has under its control at least million in book value of endowment funds, such governing board may invest all funds described in this section under prudent person standards.(c-1) If a governing board does not have under its control at least million in book value of endowment funds, the governing board may contract to pool its funds described in this section with another institution that meets the million in book value of endowment funds threshold established under Subsection (c), and have its funds invested by that governing board under prudent person standards.(d) As used in this section, "prudent person standard" is the standard of care described in Article VII, Section 11b, of the Texas Constitution, and means that standard of judgment and care that prudent investors, exercising reasonable care, skill, and caution, would acquire or retain in light of the purposes, terms, distribution requirements, and other circumstances of the fund then prevailing, taking into consideration the investment of all the assets of the fund rather than a single investment.
Funds that are to be deposited in the depository bank or banks must be deposited within seven days from the date of receipt by the institution.(c) The governing board shall require adequate surety bonds or securities to be posted to secure the deposits and may require additional security at any time it deems the deposits inadequately secured.