| 1 | 1 | | 89R13482 KJE-F |
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| 2 | 2 | | By: Campbell S.B. No. 1903 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | |
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| 6 | 6 | | |
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| 7 | 7 | | A BILL TO BE ENTITLED |
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| 8 | 8 | | AN ACT |
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| 9 | 9 | | relating to the composition of the board of directors of the Texas |
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| 10 | 10 | | Permanent School Fund Corporation. |
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| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Sections 43.053(a) and (c), Education Code, are |
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| 13 | 13 | | amended to read as follows: |
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| 14 | 14 | | (a) The board of directors is composed of the following 11 |
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| 15 | 15 | | [nine] members: |
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| 16 | 16 | | (1) five members of the State Board of Education, |
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| 17 | 17 | | appointed by the board in accordance with board policy; |
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| 18 | 18 | | (2) the commissioner of the General Land Office; |
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| 19 | 19 | | (3) one member appointed by the commissioner of the |
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| 20 | 20 | | General Land Office who has substantial background and expertise in |
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| 21 | 21 | | investments and asset management; [and] |
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| 22 | 22 | | (4) two members appointed by the governor, with the |
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| 23 | 23 | | advice and consent of the senate, each of whom must have substantial |
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| 24 | 24 | | background and expertise in investments and asset management and |
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| 25 | 25 | | may not be members of the State Board of Education or the School |
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| 26 | 26 | | Land Board; |
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| 27 | 27 | | (5) one member appointed by the lieutenant governor, |
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| 28 | 28 | | with the advice and consent of the senate, who must have substantial |
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| 29 | 29 | | background and expertise in investments and asset management; and |
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| 30 | 30 | | (6) one member appointed by the speaker of the house of |
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| 31 | 31 | | representatives, with the advice and consent of the senate, who |
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| 32 | 32 | | must have substantial background and expertise in investments and |
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| 33 | 33 | | asset management. |
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| 34 | 34 | | (c) Members of the board of directors appointed under |
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| 35 | 35 | | Subsections (a)(3), [and] (4), (5), and (6) serve staggered |
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| 36 | 36 | | six-year terms, with the terms [term] of one or two members [member] |
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| 37 | 37 | | expiring on January 1 of each odd-numbered year. |
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| 38 | 38 | | SECTION 2. (a) As soon as practicable after the effective |
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| 39 | 39 | | date of this Act, the lieutenant governor and the speaker of the |
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| 40 | 40 | | house of representatives shall appoint the initial directors under |
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| 41 | 41 | | Sections 43.053(a)(5) and (6), Education Code, as added by this |
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| 42 | 42 | | Act. |
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| 43 | 43 | | (b) As soon as practicable after the initial directors have |
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| 44 | 44 | | been appointed under Sections 43.053(a)(5) and (6), Education Code, |
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| 45 | 45 | | as added by this Act, the directors shall draw lots to determine |
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| 46 | 46 | | which director serves a term expiring January 1, 2029, and which |
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| 47 | 47 | | director serves a term expiring January 1, 2031. |
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| 48 | 48 | | SECTION 3. This Act takes effect immediately if it receives |
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| 49 | 49 | | a vote of two-thirds of all the members elected to each house, as |
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| 50 | 50 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 51 | 51 | | Act does not receive the vote necessary for immediate effect, this |
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| 52 | 52 | | Act takes effect September 1, 2025. |
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