| 1 | 1 | | H.B. No. 1957 |
|---|
| 2 | 2 | | |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | AN ACT |
|---|
| 5 | 5 | | relating to the availability of financial information of nonprofit |
|---|
| 6 | 6 | | corporations for public inspection. |
|---|
| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 8 | 8 | | SECTION 1. Section 22.353, Business Organizations Code, is |
|---|
| 9 | 9 | | amended to read as follows: |
|---|
| 10 | 10 | | Sec. 22.353. AVAILABILITY OF FINANCIAL INFORMATION FOR |
|---|
| 11 | 11 | | PUBLIC INSPECTION. (a) A corporation shall keep each document the |
|---|
| 12 | 12 | | corporation is required to make available for public inspection as |
|---|
| 13 | 13 | | an entity that is exempt from income taxation under Section 501(a), |
|---|
| 14 | 14 | | Internal Revenue Code of 1986, by being listed as an exempt |
|---|
| 15 | 15 | | organization under Section 501(c)(3) of that code, [records, books, |
|---|
| 16 | 16 | | and annual reports of the corporation's financial activity] at the |
|---|
| 17 | 17 | | corporation's registered or principal office in this state for at |
|---|
| 18 | 18 | | least three years after the close of the fiscal year. |
|---|
| 19 | 19 | | (b) The corporation shall make the documents described by |
|---|
| 20 | 20 | | Subsection (a) [records, books, and reports] available to the |
|---|
| 21 | 21 | | public for inspection and copying at the corporation's registered |
|---|
| 22 | 22 | | or principal office during regular business hours. The corporation |
|---|
| 23 | 23 | | may charge a reasonable fee for preparing a copy of a document |
|---|
| 24 | 24 | | [record or report]. |
|---|
| 25 | 25 | | SECTION 2. This Act takes effect September 1, 2023. |
|---|
| 26 | 26 | | ______________________________ ______________________________ |
|---|
| 27 | 27 | | President of the Senate Speaker of the House |
|---|
| 28 | 28 | | I certify that H.B. No. 1957 was passed by the House on April |
|---|
| 29 | 29 | | 28, 2023, by the following vote: Yeas 133, Nays 11, 2 present, not |
|---|
| 30 | 30 | | voting. |
|---|
| 31 | 31 | | ______________________________ |
|---|
| 32 | 32 | | Chief Clerk of the House |
|---|
| 33 | 33 | | I certify that H.B. No. 1957 was passed by the Senate on May |
|---|
| 34 | 34 | | 16, 2023, by the following vote: Yeas 31, Nays 0. |
|---|
| 35 | 35 | | ______________________________ |
|---|
| 36 | 36 | | Secretary of the Senate |
|---|
| 37 | 37 | | APPROVED: _____________________ |
|---|
| 38 | 38 | | Date |
|---|
| 39 | 39 | | _____________________ |
|---|
| 40 | 40 | | Governor |
|---|