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Page 4 of 37 <br />Sec. 2256.004. APPLICABILITY. (a) This subchapter does not <br />apply to: <br />(1) a public retirement system as defined by Section <br />802. 001; <br />(2) state funds invested as authorized by Section 404.024; <br />(3) an institution of higher education having total <br />endowments of at least $150 million in book value on September 1, <br />2017; <br />(4) funds invested by the Veterans' Land Board as <br />authorized by Chapter 161, 162, or 164, Natural Resources Code; <br />(5) registry funds deposited with the county or district <br />clerk under Chapter 1-17, Local Government Code; or <br />(6) a deferred compensation plan that qualifies under <br />either Section 401(k) or 457 of the Internal Revenue Code of 1986 (26 <br />U.S.C. Section 1 et seq.), as amended. <br />(b) This subchapter does not apply to an investment donated to <br />an investing entity for a particular purpose or under terms of use <br />specified by the donor. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; <br />Acts 1997, 75th Leg., ch. 505, Sec. 24, eff. Sept. 1, 1997; Acts <br />1997, 75th Leg., ch. 1421, Sec. 2, eff. Sept. 1, 1997; Acts 1999, <br />76th Leg., ch. 62, Sec. 8.21, eff. Sept. 1, 1999; Acts 1999, 76th <br />Leg., ch. 1454, Sec. 3, eff. Sept. 1, 1999. <br />Amended by: <br />Acts 2017, 85th Leg., R.S., Ch. 773 (H.B. 1003), Sec. 1, eff. <br />June 14, 2017. <br />Sec. 2256.005. INVESTMENT POLICIES; INVESTMENT STRATEGIES; <br />INVESTMENT OFFICER. (a) The governing body of an investing entity <br />shall adopt by rule, order, ordinance, or resolution, as appropriate, <br />a written investment policy regarding the investment of its funds and <br />funds under its control. <br />(b) The investment policies must: <br />(1) be written; <br />(2) primarily emphasize safety of principal and liquidity; <br />4/18/2018 <br />