Section 404.021 - Eligible Institutions(a) Any state or national bank doing business in the state may be designated by the comptroller as a state depository. Designation of a bank as a depository includes all of the bank's branches within the state.(b) Any savings and loan association doing business in the state may be designated by the comptroller as a state depository.(c) Any state or federal credit union doing business in the state may be designated by the comptroller as a state depository.(d) Deposits of eligible institutions designated as state depositories must be covered by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.Tex. Gov't. Code § 404.021
Amended by Acts 1989, 71st Leg., ch. 78, Sec. 2, eff. 5/11/1989; Acts 1995, 74th Leg., ch. 426, Sec. 1, eff. 6/9/1995; Acts 1997, 75th Leg., ch. 891, Sec. 3.04, eff. 9/1/1997. Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. 9/1/1987.