Sec. 823.257. DETERMINATION REQUIRED BEFORE INVESTMENT. (a) Whether an investment meets an applicable requirement of this subchapter shall be determined before the investment is made by applying that requirement as if the investment had been made.
(b) In making the determination under Subsection (a):
(1) the amount to be used for the total of previous investments in debt obligations is the principal balance outstanding on all of those obligations at the time of the determination;
(2) the amount to be used for previous investments in equity securities is the sum of values of each previous investment as of the day the previous investment was made; and
(3) any return of capital invested, not including dividends, shall be subtracted.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
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