Texas 2011 - 82nd Regular

Texas House Bill HB2825 Compare Versions

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1	1	By: Otto (Senate Sponsor - Williams) H.B. No. 2825
2	2	(In the Senate - Received from the House May 11, 2011;
3	3	May 11, 2011, read first time and referred to Committee on Finance;
4	4	May 17, 2011, reported favorably by the following vote: Yeas 13,
5	5	Nays 0; May 17, 2011, sent to printer.)
6	6
7	7
8	8	A BILL TO BE ENTITLED
9	9	AN ACT
10	10	relating to the composition and appointment of the board of
11	11	directors of a corporation to which the board of regents of The
12	12	University of Texas System delegates investment authority for the
13	13	permanent university fund or other funds under the control of the
14	14	board of regents.
15	15	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
16	16	SECTION 1. Sections 66.08(d) and (e), Education Code, are
17	17	amended to read as follows:
18	18	(d) The board of directors of the corporation shall have
19	19	nine members, determined as follows:
20	20	(1) six[. The board shall appoint and remove all]
21	21	members appointed by the board, of whom [of the board of directors
22	22	of the corporation. At least] three must be members of the board
23	23	and the other three must have a substantial background and
24	24	expertise in investments;
25	25	(2) [and] the chancellor of The University of Texas
26	26	System; and
27	27	(3) two members appointed by the board of regents of
28	28	The Texas A&M University System, at least one of whom must have a
29	29	substantial background and expertise in investments [shall be
30	30	appointed as directors].
31	31	(e) Each appointed member of the board of directors of the
32	32	corporation is subject to removal and replacement by and at the
33	33	pleasure of the appointing entity [The board shall select one or
34	34	more of the members of the board of directors of the corporation
35	35	from a list of candidates with substantial background and expertise
36	36	in investments that is submitted to the board by the board of
37	37	regents of The Texas A&M University System].
38	38	SECTION 2. (a) This section applies to the corporation
39	39	described by Section 66.08, Education Code, and governs the
40	40	implementation of the changes in law made by this Act to the board
41	41	of directors of the corporation.
42	42	(b) This Act does not affect the terms of office of members
43	43	of the corporation's board of directors who are serving on the
44	44	effective date of this Act.
45	45	(c) The board of regents of The Texas A&M University System
46	46	shall appoint two directors as required by Section 66.08(d)(3),
47	47	Education Code, as added by this Act, as follows:
48	48	(1) one director on the expiration of the term of
49	49	office of a director serving on the effective date of this Act who,
50	50	under prior law, was appointed to that position on recommendation
51	51	of that board of regents; and
52	52	(2) one director on the first expiration after the
53	53	effective date of this Act of a term of office of any director,
54	54	other than:
55	55	(A) the director described by Subdivision (1) of
56	56	this subsection; and
57	57	(B) any director who also serves as a member of
58	58	the board of regents of a university system, as defined by Section
59	59	61.003, Education Code.
60	60	(d) As soon as practicable after the effective date of this
61	61	Act, the board of directors of the corporation and the board of
62	62	regents of The University of Texas System shall amend the bylaws of
63	63	the corporation as necessary to give effect to the requirements of
64	64	this Act.
65	65	SECTION 3. This Act takes effect immediately if it receives
66	66	a vote of two-thirds of all the members elected to each house, as
67	67	provided by Section 39, Article III, Texas Constitution. If this
68	68	Act does not receive the vote necessary for immediate effect, this
69	69	Act takes effect September 1, 2011.
70	70	* * * * *