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 2-1 -------------------------------------------------------------------