81R7677 KFF-D
By: Leibowitz H.B. No. 3103
A BILL TO BE ENTITLED
AN ACT
relating to a change in ownership of entities awarded grants from
the Texas Enterprise Fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 481.078, Government Code, is amended by
adding Subsections (f-1) and (f-2) to read as follows:
(f-1) An entity that acquires, by merger, acquisition, or
other transfer, ownership or control of a grant recipient shall:
(1) report the change in ownership or control to the
governor; and
(2) comply with the terms and conditions of the grant
agreement entered into by the grant recipient and any other
requirement imposed on the grant recipient in connection with the
grant award.
(f-2) The grant agreement must include a provision
regarding the requirements of Subsection (f-1). A grant recipient
that is the subject of a merger, acquisition, or other transfer of
ownership or control shall include language in each contract
relating to the transfer that informs the acquiring entity of its
duties and obligations under Subsection (f-1).
SECTION 2. The changes in law made by this Act to Section
481.078, Government Code, apply only to an agreement that is
entered into on or after the effective date of this Act. An
agreement that is entered into before the effective date of this Act
is governed by the law in effect on the date the agreement was
entered into, and the former law is continued in effect for that
purpose.
SECTION 3. This Act takes effect September 1, 2009.