Enrolled Bill Summary

House Bill 3001 amends the Texas Trust Code to provide that a community trust, with court approval, may transfer the assets of the trust to a nonprofit corporation and terminate the trust under certain circumstances. The act requires the nonprofit corporation to be organized under the Texas Non-Profit Corporation Act and for the same purpose as the community trust for the transfer of assets to occur. The act specifies the contents of the required notices to settlors, trustees, and the public regarding a hearing on the petition.