| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 82R5235 SGA-F | |
| 2 | 2 | By: Otto H.B. No. 738 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the authority of the Teacher Retirement System of Texas | |
| 8 | 8 | to invest in hedge funds. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 825.3012(b), Government Code, is amended | |
| 11 | 11 | to read as follows: | |
| 12 | 12 | (b) Notwithstanding any provision of Section 825.301, not | |
| 13 | 13 | more than 10 [five] percent of the value of the total investment | |
| 14 | 14 | portfolio of the retirement system may be invested in hedge funds. | |
| 15 | 15 | SECTION 2. This Act takes effect immediately if it receives | |
| 16 | 16 | a vote of two-thirds of all the members elected to each house, as | |
| 17 | 17 | provided by Section 39, Article III, Texas Constitution. If this | |
| 18 | 18 | Act does not receive the vote necessary for immediate effect, this | |
| 19 | 19 | Act takes effect September 1, 2011. |