Sec. 403.272.  RESPONSIBILITY FOR PROPERTY ACCOUNTING.  (a)  A state agency must comply with this subchapter and maintain the property records required.
(b)  All personal property owned by the state shall be accounted for by the agency that possesses the property.  The comptroller shall define personal property by rule for the purposes of this subchapter.  In adopting rules, the comptroller shall consider the value of the property, its expected useful life, and the cost of recordkeeping.
Added by Acts 1991, 72nd Leg., 2nd C.S., ch. 8, Sec. 2.30.  Amended by Acts 2003, 78th Leg., ch. 785, Sec. 12, eff. Sept. 1, 2003.