Sec. 273.303. PRIMARY ACCOUNT. (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.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.