(a) The board shall select one or more banks in this state to act as depository for the district's money.(b) To the extent that money in the depository bank is not insured by the Federal Deposit Insurance Corporation, the money must be secured in the manner provided by law for the security of county funds.(c) A director may be a shareholder in a bank that is a depository of district money. Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.
Texas Legal Code