Sec. 95.010. ACCOUNT AS LEGAL INVESTMENT. (a) Each of the following persons may invest money held by the person in a deposit account of a savings bank doing business in this state: (1) any fiduciary, including an administrator, executor, guardian, or trustee; (2) a political subdivision or instrumentality of this state; (3) a business or nonprofit corporation; (4) a charitable or educational corporation or association; and (5) a financial institution, including a bank, savings and loan association, or credit union. (b) An investment by an insurance company in a deposit account is eligible for tax reducing purposes under Chapters 221 and 222 , Insurance Code. (c) An investment by a school district in a deposit account insured by the Federal Deposit Insurance Corporation meets the requirements of Sections 45.102 and 45.208 , Education Code.
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