| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Duncan S.B. No. 1666 | |
| 2 | 2 | (In the Senate - Filed March 11, 2011; March 23, 2011, read | |
| 3 | 3 | first time and referred to Committee on State Affairs; May 6, 2011, | |
| 4 | 4 | reported favorably by the following vote: Yeas 6, Nays 3; | |
| 5 | 5 | May 6, 2011, sent to printer.) | |
| 6 | 6 | ||
| 7 | 7 | ||
| 8 | 8 | A BILL TO BE ENTITLED | |
| 9 | 9 | AN ACT | |
| 10 | 10 | relating to the authority of the Teacher Retirement System of Texas | |
| 11 | 11 | to invest in hedge funds. | |
| 12 | 12 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 13 | 13 | SECTION 1. Subsection (b), Section 825.3012, Government | |
| 14 | 14 | Code, is amended to read as follows: | |
| 15 | 15 | (b) Notwithstanding any provision of Section 825.301, not | |
| 16 | 16 | more than 10 [five] percent of the value of the total investment | |
| 17 | 17 | portfolio of the retirement system may be invested in hedge funds. | |
| 18 | 18 | SECTION 2. This Act takes effect immediately if it receives | |
| 19 | 19 | a vote of two-thirds of all the members elected to each house, as | |
| 20 | 20 | provided by Section 39, Article III, Texas Constitution. If this | |
| 21 | 21 | Act does not receive the vote necessary for immediate effect, this | |
| 22 | 22 | Act takes effect September 1, 2011. | |
| 23 | 23 | * * * * * |