Natural Resources Code § 161.061

Sec. 161.061. GENERAL DUTIES OF BOARD. The board shall: (1) authorize and execute negotiable bonds as provided by law; (2) provide by resolution for use of the fund in a manner that will effectuate the intent of the constitution and the law; (3) prescribe the interest rates as provided by law; (4) provide for the forfeiture of contracts of sale and purchase and resale of forfeited land; (5) conduct investigations it considers necessary; (6) obtain and review any components of internal audit plans that relate to board functions and approve those plans as appropriate during public meetings of the board; (7) obtain and review any internal audit reports that relate to board functions and discuss those reports during public meetings of the board; and (8) formulate policies and rules necessary and not in conflict with the law to ensure the proper administration and to carry out the intent and purposes of the law. Acts 1977, 65th Leg., p. 2657, ch. 871, art. I, Sec. 1, eff. Sept. 1, 1977. Amended by Acts 1993, 73rd Leg., ch. 242, Sec. 1.02, eff. Aug. 30, 1993. Amended by: Acts 2007, 80th Leg., R.S., Ch. 334 (H.B. 3140), Sec. 4, eff. June 15, 2007.