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<br />institutional accounts of the investing entity are invested.
<br />
<br />(10) "Quali licd representative" means a person who holds a position with II business organizati()J1. who
<br />is authorized tOllct on behalf of the business organization, and who is one ofthe following:
<br />(A) for a business organization doing business that is regulated by or registered witli a
<br />securities commission. a person who is registered under the rules of the National Association of Securities Dealers;
<br />(B) tor a state or federal bank, a savings bank. or a state or federal credilunion, a memb,~ror
<br />the loan committee for the bank or branch of the bank or a person authorized by corporate resolution to act on behalf of
<br />and hind the banking institution;
<br />(C) for an investment pool. the person authorized hy the elected ollicial or bo;mJ with
<br />authority to administer the activities ofthe investment pool to sign the wrinen instrul11.ont on behalf orthe investment
<br />pOt)l: or
<br />(D) for an inveslment management finll registered lindeI' the Investment /\dvisers Act of 11)40
<br />(15 U.S.c. Section ROb-I et seq.) or, if not subject to registmtion LInder that Act, registered with the State ~ecllrities
<br />Board, a person who IS an officer or principal ofthe illvestment management firm. .
<br />
<br />(II) "School district" means a pLlblic school district.
<br />
<br />(12) "Separately invested a<;set" mcalls an account or fund of a state agency or loeal govemment that is
<br />not invested in a pooled fund group.
<br />
<br />(13) "State agency" means an office, department, commission, board, or other agency that is part of
<br />an) branch of state govcmment, all institution of higher education, and any nonprofit corporation acting on behalfofan)
<br />of those cntities,
<br />A nH:nded by Acts 1995, 74th Leg" ch, 402, See, 1 eft: Sept I, 1995, Acts 1997, 75th Leg.. ch, 1421, See. I, dT. Sept.
<br />1,1997: Acts 1999, 76tb Leg., ch. 1454, Sec. I, efT. Sept. I, 1999.
<br />
<br />See, 2256.003. AUTIIORlTY TO INVEST FUNDS; ENTITIES SUBJECT TO THIS CHAPTER, (a) Each
<br />governing body of the following entities may purchase, sell, and invest its tlmds and funds under its control in
<br />investments llUthorlzed under this subchapter in compliance with investment policies approved by the governing body
<br />and according to the stundard of care prescribed b) Scction 2256_006:
<br />(I) a local government;
<br />(2) a stale agency;
<br />(3) a nonprofit corporation acting 011 behalf of a local government or a stfne agency; or
<br />(4) an investlllent pO(JI acting on behalf of two or more IDcal governments, state agencies, or a
<br />combination of those entities.
<br />(b) In the exercise ofits pmvers under S\Jh,ection (a). tile governing body of an investing entity may cammct
<br />with an investment management firm registered under the Investment Advisers Act of 1940 ( l5 U.S.C_ Section 80b-l et
<br />seq.) or with the Slate Securities Board to provide for the investment and managemcnt onts public ftInds or othcr fllllds
<br />L1ndcr its control. A contract made under authority ofthis subsection may 110t be f()r a term longer than two years. A
<br />renewal or extension of the comraet must be made b) the g(werning body ofthe investing entity by order, ordinance, or
<br />resolution.
<br />(c) This chapter does not prohibit lIn investlllg entity or investment ofticer from using the entity's employees OJ'
<br />the services of a contractor of the entity to aid the investment officer in the execution of tile officer's duties under tillS
<br />chaptcr.
<br />Amended by Acts 1995, 74th Leg., eh. 402. Sec. I, eff, Sept. I, 1995; Acts 1999, 76th Leg.. eh, 1454, Sec, 2, eff. Sept.
<br />I,I<.J99,
<br />
<br />Sec. 2256,004. APPUCABILlT\, (a) This subchaptcr does not llppl) to:
<br />(l) a public retirement system as defined by Section g02.001;
<br />(2) state lunds invested as authorized hy Section 404J}24;
<br />(3) an institution of higher education having total cndowments of at least $95 million in book value on
<br />
<br />May I, 1995;
<br />
<br />(4) funds invested by tbe Veterans' Land Board as authorized b) Chapter 16 [. 162, or I M. Natural
<br />
<br />Resources Code:
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<br />~'ity of San 14/Jr::c"~ Invesr;ment. <-, li.cy
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