S.B. No. 640
AN ACT
1-1 relating to the assignment of oil and gas leases issued by and to
1-2 meetings of the Board for Lease of University Lands.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subsection (a), Section 66.73, Education Code, is
1-5 amended to read as follows:
1-6 (a) Any rights acquired may be assigned; provided, however,
1-7 in order for an assignment to be valid and effective, the
1-8 assignment must be filed in the county or counties in which the
1-9 area is situated, and a legible <an original certified> copy of the
1-10 recorded assignment must be filed with the Board of Regents of The
1-11 University of Texas System, accompanied by <10 cents an acre for
1-12 each acre assigned and> a filing fee of $30 <$5> for each lease
1-13 assigned <involved in the assignment>. If the copy of the recorded
1-14 assignment is filed with the Board of Regents of The University of
1-15 Texas System after the 90th day after the date on which the
1-16 assignment is recorded, the copy must be accompanied by the filing
1-17 fee set by the board and by a late fee equal to the amount of the
1-18 filing fee.
1-19 SECTION 2. Subsection (g), Section 66.62, Education Code, is
1-20 amended to read as follows:
1-21 (g) Unless the action relates to the final approval of the
1-22 award of a lease on a form approved by a majority of the board in
1-23 accordance with procedures for awarding leases that have been
1-24 previously approved by a majority of the board, a <A> majority of
2-1 the board members has the power to act for the board. If the
2-2 action relates to the final approval of the award of a lease on a
2-3 form approved by a majority of the board in accordance with
2-4 procedures for awarding leases that have been previously approved
2-5 by a majority of the board, two board members present at a meeting
2-6 have the power to act for the board.
2-7 SECTION 3. This Act takes effect September 1, 1993, and
2-8 applies only to an assignment recorded or a meeting of the Board
2-9 for Lease of University Lands held on or after that date. An
2-10 assignment recorded or a meeting of the board held before the
2-11 effective date of this Act is governed by the law in effect on the
2-12 date the assignment was recorded or the meeting of the board was
2-13 held, and that law is continued in effect for that purpose.
2-14 SECTION 4. The importance of this legislation and the
2-15 crowded condition of the calendars in both houses create an
2-16 emergency and an imperative public necessity that the
2-17 constitutional rule requiring bills to be read on three several
2-18 days in each house be suspended, and this rule is hereby suspended.