My point would be that you don't have to be carrying under the authority of subchapter H Chapter 411 if you could be carrying under permitless carry and the distinction is not whether your LTC is on your possession. You decide which authority you carry by, but if you carry by LTC it must be in your possession.The key phrase here (30.06) is "A license holder commits an offense if the license holder:
(1) carries a concealed handgun under the authority of Subchapter H, Chapter 411, Government Code,"
Well according to 46.15, YES you do lose your LTC authority if the license is not in your possession:
(6) is carrying:
(A) a license issued under Subchapter H, Chapter 411, Government Code, to carry a handgun; and
(B) a handgun:
(i) in a concealed manner; or
(ii) in a shoulder or belt holster;