This law allows depositories to substitute or replace securities with others of the same type, provided they meet legal requirements and receive approval from the commissioners court. It streamlines the process by allowing the court to adopt procedures for future approvals instead of requiring individual consent for each transaction.
Depositories can substitute securities with court approval.
Substituted securities must meet legal requirements.
Commissioners court can establish approval procedures.
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In simple terms: Learn about Texas's SUBSTITUTION OF SECURITIES. (a) After law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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