Section 65.013 - Account As Legal Investment(a) Each of the following persons may invest money held by the person in a savings account of an association or a federal association:(1) any fiduciary, including an administrator, executor, guardian, or trustee;(2) a political subdivision or instrumentality of this state;(3) an insurance company doing business in this state;(4) a business or nonprofit corporation;(5) a charitable or educational corporation or association; and(6) a financial institution, including a bank or credit union.(b) An investment by an insurance company in a savings account is eligible for tax reducing purposes under Chapter 221, Insurance Code.(c) An investment by a school district in a savings account insured by the Federal Deposit Insurance Corporation is considered to meet the requirements of Section 45.102, Education Code.Amended By Acts 2005, 79th Leg., Ch. 728, Sec. 11.109, eff. 9/1/2005.