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Page 3 of 37 <br />(13) "State agency" means an office, department, <br />commission, board, or other agency that is part of any branch of <br />state government, an institution of higher education, and any <br />nonprofit corporation acting on behalf of any of those entities. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; <br />Acts 1997, 75th Leg., ch. 1421, Sec. 1, eff. Sept. 1, 1997; Acts <br />1999, 76th Leg., ch. 1454, Sec. 1, eff. Sept. 1, 1999. <br />Sec. 2256.003. AUTHORITY TO INVEST FUNDS; ENTITIES SUBJECT TO <br />THIS CHAPTER. (a) Each governing body of the following entities may <br />purchase, sell, and invest its funds and funds under its control in <br />investments authorized under this subchapter in compliance with <br />investment policies approved by the governing body and according to <br />the standard of care prescribed by Section 2256.006: <br />(1) a local government; <br />(2) a state agency; <br />(3) a nonprofit corporation acting on behalf of a local <br />government or a state agency; or <br />(4) an investment pool acting on behalf of two or more <br />local governments, state agencies, or a combination of those <br />entities. <br />(b) In the exercise of its powers under Subsection (a), the <br />governing body of an investing entity may contract with an investment <br />management firm registered under the Investment Advisers Act of 1940 <br />(15 U.S.C. Section 80b-1 et seq.) or with the State Securities Board <br />to provide for the investment and management of its public funds or <br />other funds under its control. A contract made under authority of <br />this subsection may not be for a term longer than two years. A <br />renewal or extension of the contract must be made by the governing <br />body of the investing entity by order, ordinance, or resolution. <br />(c) This chapter does not prohibit an investing entity or <br />investment officer from using the entity's employees or the services <br />of a contractor of the entity to aid the investment officer in the <br />execution of the officer's duties under this chapter. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; <br />Acts 1999, 76th Leg., ch. 1454, Sec. 2, eff. Sept. 1, 1999. <br />4/18/2018 <br />