82nd Texas Legislature, Regular Session, Senate Bill 5, Chapter 1049 Page: 1 of 38
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Chapter 1049
S.B. No. 5
1 AN ACT
2 relating to the administration and business affairs of public
3 institutions of higher education.
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
5 ARTICLE 1. FINANCIAL MANAGEMENT
6 SECTION 1.01. Section 51.003, Education Code, is amended by
7 amending Subsection (b) and adding Subsection (f) to read as
8 follows:
9 (b) The funds shall either be deposited in the depository
10 bank or banks or invested as authorized by Chapter 2256, Government
11 Code (Public Funds Investment Act). Funds that are to be deposited
12 in the depository bank or banks must be deposited within seven days
13 from the date of receipt by the institution collectedn].
14 (f) Notwithstanding any other provision of this section,15 the governing board of each institution may maintain unsecured
16 deposits in a foreign bank as necessary to support the
17 institution's academic and research operations in the foreign
18 country in which the bank is located, provided that no appropriated
19 or tuition funds other than those collected from students enrolled
20 in the affected programs are deposited. The foreign bank must:
21 (1) be licensed and supervised by a central bank;
22 (2) be audited annually by an accounting firm that
23 follows international financial reporting standards; and
24 (3) maintain a capital to total assets ratio that is
1
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Texas. Legislature. Senate. 82nd Texas Legislature, Regular Session, Senate Bill 5, Chapter 1049, legislative document, June 17, 2011; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth312106/m1/1/: accessed May 5, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.