Sec. 2209.251. FUND CREATION; MANAGEMENT. (a) On creation of the pool, the initial regular board shall create the Texas nonprofit organizations liability fund.
(b) The fund is composed of:
(1) premiums paid by nonprofit organizations for coverage provided by the pool;
(2) contributions and other money received by the pool to cover the initial expenses of the fund;
(3) investments of the fund and money earned from those investments; and
(4) any other money received by the pool.
(c) The pool manager shall manage the fund under the general supervision of the board. The fund manager, under the general supervision of the board, shall manage and invest the money in the fund in the manner provided by the plan of operation.
(d) Money earned by the investment of money in the fund must be deposited in the fund or reinvested for the fund.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
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