Texas § 802.204 INVESTMENT MANAGER.

Texas Statutes

§ 802.204 — INVESTMENT MANAGER.

Texas § 802.204

Code GVGovernment Code

This text of Texas § 802.204 (INVESTMENT MANAGER.) 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. Government Code Code Ann. § 802.204 (2026).

Text

Sec. 802.204. INVESTMENT MANAGER.

(a)The governing body of a public retirement system may appoint investment managers for the system by contracting for professional investment management services with one or more organizations, which may include a bank if it has a trust department, that are in the business of managing investments.

(b)To be eligible for appointment under this section, an investment manager must be:

(1)registered under the Investment Advisors Act of 1940 (15 U.S.C. Section 80b-1 et seq.);

(2)a bank as defined by that Act; or

(3)an insurance company qualified to perform investment services under the laws of more than one state.

(c)In a contract made under this section, the governing body shall specify any policies, requirements, or restrictions, including criteria for d

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Sec. 802.204. INVESTMENT MANAGER. (a) The governing body of a public retirement system may appoint investment managers for the system by contracting for professional investment management services with one or more organizations, which may include a bank if it has a trust department, that are in the business of managing investments.
(b) To be eligible for appointment under this section, an investment manager must be:
(1) registered under the Investment Advisors Act of 1940 (15 U.S.C. Section 80b-1 et seq.);
(2) a bank as defined by that Act; or
(3) an insurance company qualified to perform investment services under the laws of more than one state.
(c) In a contract made under this section, the governing body shall specify any policies, requirements, or restrictions, including criteria for determining the quality of investments and for the use of standard rating services, that the governing body adopts for investments of the system.
(d) A political subdivision of which members of the public retirement system are officers or employees may pay all or part of the cost of professional investment management services under a contract under this section. Any cost not paid directly by a political subdivision is payable from funds of the public retirement system.

Legislative History

Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Amended by Acts 1981, 67th Leg., 1st C.S., p. 199, ch. 18, Sec. 10, eff. Nov. 10, 1981. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 12.204 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.