1-1 By: Brown S.B. No. 1311
1-2 (In the Senate - Filed March 24, 1993; March 25, 1993, read
1-3 first time and referred to Committee on Economic Development;
1-4 May 4, 1993, reported favorably by the following vote: Yeas 10,
1-5 Nays 0; May 4, 1993, sent to printer.)
1-6 COMMITTEE VOTE
1-7 Yea Nay PNV Absent
1-8 Parker x
1-9 Lucio x
1-10 Ellis x
1-11 Haley x
1-12 Harris of Dallas x
1-13 Harris of Tarrant x
1-14 Leedom x
1-15 Madla x
1-16 Rosson x
1-17 Shapiro x
1-18 Wentworth x
1-19 A BILL TO BE ENTITLED
1-20 AN ACT
1-21 relating to the powers of certain cooperative associations.
1-22 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-23 SECTION 1. Subchapter B, Chapter 301, Health and Safety
1-24 Code, is amended by adding Section 301.047 to read as follows:
1-25 Sec. 301.047. CONSTRUCTION OF SUBCHAPTER. (a) This
1-26 subchapter does not prevent a cooperative association from:
1-27 (1) creating recourse or nonrecourse debt in the form
1-28 of bonds, debentures, notes, or any other form of obligation;
1-29 (2) encumbering, mortgaging, pledging, or granting a
1-30 security interest in any property of the cooperative association;
1-31 (3) refunding existing debt or obligations by any
1-32 means available under this subchapter; or
1-33 (4) otherwise exercising all express or implied
1-34 powers granted by Section 301.033(b), 301.037, 301.038, 301.039, or
1-35 301.044, or granted by state corporation laws.
1-36 (b) This section only clarifies the powers of cooperative
1-37 associations and does not expand their powers.
1-38 SECTION 2. Section 301.047, Health and Safety Code, as added
1-39 by this Act, applies to acts of a cooperative association covered
1-40 by that section that are performed before, on, or after the
1-41 effective date of this Act.
1-42 SECTION 3. The importance of this legislation and the
1-43 crowded condition of the calendars in both houses create an
1-44 emergency and an imperative public necessity that the
1-45 constitutional rule requiring bills to be read on three several
1-46 days in each house be suspended, and this rule is hereby suspended,
1-47 and that this Act take effect and be in force from and after its
1-48 passage, and it is so enacted.
1-49 * * * * *
1-50 Austin,
1-51 Texas
1-52 May 4, 1993
1-53 Hon. Bob Bullock
1-54 President of the Senate
1-55 Sir:
1-56 We, your Committee on Economic Development to which was referred
1-57 S.B. No. 1311, have had the same under consideration, and I am
1-58 instructed to report it back to the Senate with the recommendation
1-59 that it do pass and be printed.
1-60 Parker,
1-61 Chairman
1-62 * * * * *
1-63 WITNESSES
1-64 FOR AGAINST ON
1-65 ___________________________________________________________________
1-66 Name: Eric S. Anderson x
1-67 Representing: Tx Med. Center Heating/Cooling
1-68 City: Houston
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