Sec. 404.028. INVESTMENT ADVISORY BOARD. (a) The comptroller shall establish an investment advisory board to advise the comptroller and the trust company regarding investments that the comptroller makes through the trust company under this subchapter or other law. For purposes of this section, the deposit of state funds in a state depository is not considered an investment. (b) The comptroller shall appoint members to the advisory board who possess the expertise appropriate for advising the comptroller with regard to one or more types of investments that the comptroller may make. The members of the advisory board must have knowledge or experience in finance, including management of funds or business operations. Members of the advisory board serve in an advisory capacity and are not fiduciaries with respect to the investments made by the comptroller through the trust company under this subchapter or other law. (c) The comptroller shall determine the number of members of the advisory board. The comptroller may adopt rules governing members of the advisory board, including rules related to terms of service and removal. (d) Chapter 2110 does not apply to the advisory board. (e) A person is not eligible for appointment to the advisory board if the person or the person's spouse: (1) is employed by or participates in the management of a business entity or other organization that receives funds from the trust company; (2) owns or controls, directly or indirectly, more than a 10 percent interest in a business entity or other organization that receives funds from the trust company; or (3) receives funds from a business entity or other organization that receives funds from the trust company if the amount received by the person or spouse exceeds five percent of the person's gross income or the spouse's gross income, as applicable, for the preceding calendar year. (f) Before a member of the advisory board may assume the member's duties, the member must complete a training program providing information regarding: (1) assets managed by the comptroller through the trust company under this subchapter or other law; and (2) applicable statutes, including Chapters 551 and 552 . (g) In this section, "trust company" means the Texas Treasury Safekeeping Trust Company.
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