Texas Administrative Code
Title 31 - NATURAL RESOURCES AND CONSERVATION
Part 10 - TEXAS WATER DEVELOPMENT BOARD
Chapter 375 - CLEAN WATER STATE REVOLVING FUND
Subchapter I - NONPOINT SOURCE POLLUTION LINKED DEPOSITS PROGRAM
Section 375.212 - Custodian's Deposit of Pledged Security with Another Institution
Universal Citation: 31 TX Admin Code ยง 375.212
Current through Reg. 49, No. 38; September 20, 2024
(a) The custodian may deposit a pledged security with one of the following institutions:
(1) a Federal Reserve Bank;
(2) a clearing corporation as defined by
§
8.102, Texas Business
and Commerce Code;
(3) a bank
eligible to be a custodian; or
(4)
a state or nationally chartered bank that is controlled by a bank holding
company that controls a bank eligible to be a custodian.
(b) The custodian may not deposit a pledged security with an eligible lending institution or an entity of which the eligible lending institution is a branch.
(c) If a deposit is made under subsection (a) of this section, the institution to which the deposit is made shall:
(1) hold the pledged security to secure funds
the Board deposits with the eligible lending institution; and
(2) on receipt of deposit, immediately issue
to the custodian an advice of transaction or other document that is evidence of
the deposit of the pledged security.
(d) An institution may apply book entry procedures when an investment security held by a custodian is deposited under this section. The records must at all times state the name of the custodian that deposits an investment security in the institution.
Disclaimer: These regulations may not be the most recent version. Texas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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