Texas Attorney General Opinion: DM-99 Page: 2 of 4
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Mr. James L. Pledger - Page 2
authorization. See Attorney General Opinions MW-534 (1982) (concluding that
savings and loan associations may not serve as hospital district depositories because
statutory terms "banking corporation, association or individual bankss" do not
embrace such entities); M-22 (1967) (concluding that former article 2549, V.T.C.S.,
one of the predecessor statutes to chapter 116 of the Local Government Code, did
not qualify a savings and loan corporation as a depository for county funds); see also
Attorney General Opinions H-1013 (1977); H-723 (1975).
Subchapter E of chapter 23 of the Education Code, the School Depository
Act, authorizes independent school districts to establish depositories for the deposit
of school funds. Section 23.74 mandates that "[a] school depository... shall be a
bank located in the State of Texas."2 Subchapter A of chapter 51 of the Education
Code governs the control of funds by certain state institutions of higher learning.
including the University of Texas and the Texas A & M University systems. See
Educ. Code 51.001 (setting forth the institutions to which subchapter A applies),
61.003 (same). Section 51.003 of that subchapter provides that the governing boards
of such institutions may select "one or more depositories as places of deposit" for
certain school funds and shall deposit such funds "in the depository bank or banks."
In Attorney General Opinion MW-272 (1980). this office concluded that the term
"bank" in section 23.74 of the Education Code does not embrace savings and loan
associations. See also Attorney General Opinion JM-42 (1983) at 1 (credit unions
may not serve as school district depositories). The same rationale appears to apply
to the terms "depository" and "depository bank" in section 51.003. See Attorney
General Opinion MW-272 ("savings and loan associations do not qualify as
depositories for political subdivisions without statutory authorization") (emphasis
added).
You contend that the foregoing attorney general opinions were written
before "the considerable expansion of the powers of savings and loans that occurred
after 1982" and imply that they should be overruled. In support of your contention,
you assert that savings associations are ncow insured by the Federal Deposit
Insurance Corporation pursuant to the federal Financial Institutions Reform,
2Section 23.73 defines a "bank" as:
a state bank authorized and regulatecd under the laws of the state pertaining o
banking and in particular authorized and regulated by the Banking Dcpartmenl
Sll-Support and Administration Act, or a national bank authorized and
regulated by federal law, but does nlot include any hank the deposits ol' which
are not insured by the Federal Dcposit Insurance Corporation. (Footnote
onrmilted.)p. 502
(DM- 9 9)
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Texas. Attorney-General's Office. Texas Attorney General Opinion: DM-99, text, March 30, 1992; (https://texashistory.unt.edu/ark:/67531/metapth273908/m1/2/?q=Lamar+University: accessed June 9, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.