This section defines several terms used in the chapter, including demand deposit, direct and reverse security repurchase agreement, market value, state depository, time deposit, and treasury.
Sec. 404.001. DEFINITIONS. In this chapter: (1) Repealed by Acts 1997, 75th Leg., ch. 891, Sec. 3.22(2), eff. Sept. 1, 1997. (2) "Demand deposit" means a deposit that is payable on demand. (3) "Direct security repurchase agreement" means an agreement under which the state buys, holds for a specified time, and then sells back any of the following securities, obligations, or participation certificates: (A) United States government securities; (B) direct obligations of or obligations the principal and interest of which are guaranteed by the United States; or (C) direct obligations of or obligations guaranteed by agencies or instrumentalities of the United States government. (4) "Market value" means the fair and reasonable prevailing price at which a security is being sold on the open market at the time of the appraisement of the security by the comptroller. (5) "Reverse security repurchase agreement" means an agreement under which the state sells and after a specified time buys back any of the securities, obligations, or participation certificates listed in Paragraphs (A) through (C), Subdivision (3). (6) "State depository" means an institution designated as a state depository under Subchapter C. (7) "Time deposit" means a deposit for which there is in force a contract providing that neither the whole nor a part of the deposit may be withdrawn by check or otherwise before the expiration of the period of notice that must be given in writing in advance of a withdrawal. (8) "Treasury" means state funds subject to the custody and control of the comptroller and available for appropriation by the legislature. Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 4, Sec. 2.05(a), eff. Sept. 1, 1989; Acts 1989, 71st Leg., ch. 78, Sec. 1, eff. May 11, 1989; Acts 1993, 73rd Leg., ch. 939, Sec. 1, eff. Aug. 30, 1993; Acts 1997, 75th Leg., ch. 891, Sec. 3.22(2), eff. Sept. 1, 1997; Acts 1997, 75th Leg., ch. 1423, Sec. 7.27, eff. Sept. 1, 1997.