By: Zaffirini S.B. No. 1604
A BILL TO BE ENTITLED
AN ACT
relating to asset management and acquisition by institutions of
higher education.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 73.115, Education Code, is amended by
adding Subsection (g) to read as follows:
(g) In any contract for the acquisition of goods and
services to which an institution of higher education is a party, a
provision required by applicable law to be included in the contract
is considered to be a part of the executed contract without regard
to:
(1) whether the provision appears on the face of the
contract; or
(2) whether the contract includes any provision to the
contrary.
SECTION 2. Chapter 64, Property Code, as added by Chapter
918, Acts of the 82nd Legislature, Regular Session, 2011, is
amended by adding Section 64.0011 to read as follows:
Sec. 64.0011. APPLICATION TO INSTITUTIONS OF HIGHER
EDUCATION. This chapter does not apply to residential property for
which an institution of higher education is a co-owner.
SECTION 3. Section 66.08(d), Education Code, is amended to
read as follows:
(d) The board of directors of the corporation shall have
nine members, determined as follows:
(1) seven [six] members appointed by the board, of
whom:
(A) three must be members of the board; and
(B) [the other] three must have a substantial
background and expertise in investments; and
(C) one must be a qualified individual as
determined by the board, which may include
[(2)] the chancellor of The University of Texas System;
and
[(3)] two members appointed by the board of regents of The
Texas A&M University System, at least one of whom must have a
substantial background and expertise in investments.
SECTION 4. Section 74.002, Education Code, is repealed.
SECTION 5. This Act takes effect immediately if it receives
the vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2013.