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On request of the institution, the secretary of state or the secretary of state's representative shall assign a classification number to the colonia.
The foreign bank must:(1) be licensed and supervised by a central bank;(2) be audited annually by an accounting firm that follows international financial reporting standards; and(3) maintain a capital to total assets ratio that is not less than the greater of four percent or the minimum tier 1 capital to total assets ratio required for depository institutions insured by the Federal Deposit Insurance Corporation.
The governing board of the institution shall retain five copies of the budget for distribution to legislators or other state officials on request.
Additional copies shall be delivered to the Texas Higher Education Coordinating Board as required.
The budget shall be prepared within the limits of legislatively appropriated general revenue and estimated educational and general funds.
The governing board of each institution shall approve on or before September 1 of each year an itemized budget covering the operation of the institution for the fiscal year beginning on September 1 of each year.