(a) Each of the following persons may invest money held by the person in a deposit account of a savings bank doing business in this state:
(1) any fiduciary, including an administrator, executor, guardian, or trustee;
(2) a political subdivision or instrumentality of this state;
(3) a business or nonprofit corporation;
(4) a charitable or educational corporation or association; and
(5) a financial institution, including a bank, savings and loan association, or credit union.
(b) An investment by an insurance company in a deposit account is eligible for tax reducing purposes under Chapters 221 and 222, Insurance Code.
(c) An investment by a school district in a deposit account insured by the Federal Deposit Insurance Corporation meets the requirements of Sections 45.102 and 45.208, Education Code.
Official text of the Texas Finance Code as published by the Texas Legislative Council.