Texas § 56.247 STUDENT ENDOWMENT FUND.

Texas Statutes

§ 56.247 — STUDENT ENDOWMENT FUND.

Texas § 56.247

Code EDEducation Code

This text of Texas § 56.247 (STUDENT ENDOWMENT FUND.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Education Code Code Ann. § 56.247 (2026).

Text

Sec. 56.247. STUDENT ENDOWMENT FUND.

(a)Each institution shall establish a student endowment fund consisting of the revenue from the additional student fee and the interest and other income from investment of the fund. The fund shall be invested by the governing board in accordance with the policies governing investment of other funds held and invested by the board on behalf of the institution.

(b)Scholarships and internships shall be paid from the fund, subject to the requirements of this section and Section 56.246 .

(c)Scholarships and internships may be paid from both the income and the principal of the fund, except that after the first five-year period after the date the fund is established, not more than five percent of the principal of the fund may be expended for scholarships and

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Sec. 56.247. STUDENT ENDOWMENT FUND. (a) Each institution shall establish a student endowment fund consisting of the revenue from the additional student fee and the interest and other income from investment of the fund. The fund shall be invested by the governing board in accordance with the policies governing investment of other funds held and invested by the board on behalf of the institution.
(b) Scholarships and internships shall be paid from the fund, subject to the requirements of this section and Section 56.246 .
(c) Scholarships and internships may be paid from both the income and the principal of the fund, except that after the first five-year period after the date the fund is established, not more than five percent of the principal of the fund may be expended for scholarships and internships for any year.
(d) For purposes of this section, five percent of the capital gains for any year from investment of the fund is considered income.
SUBCHAPTER M. TOWARD EXCELLENCE, ACCESS, & SUCCESS (TEXAS) GRANT PROGRAM

Legislative History

Added by Acts 1999, 76th Leg., ch. 1473, Sec. 1, eff. Sept. 1, 1999. Amended by: Acts 2007, 80th Leg., R.S., Ch. 555 (S.B. 1417 ), Sec. 4, eff. September 1, 2007.