By: Luna S.B. No. 1496
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the period of duration and operation of certain
1-2 nonprofit corporations.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. This Act applies to a corporation that:
1-5 (1) is a church;
1-6 (2) was incorporated as a nonprofit corporation before
1-7 January 1, 1920;
1-8 (3) has articles of incorporation providing for a
1-9 period of duration that expired before August 10, 1959; and
1-10 (4) has continually operated under the articles of
1-11 incorporation up to the effective date of this Act as if the
1-12 corporation's period of duration had not expired, including payment
1-13 of all fees and franchise taxes as provided by law.
1-14 SECTION 2. (a) Notwithstanding the articles of
1-15 incorporation of a corporation to which this Act applies, the
1-16 period of duration of the corporation is perpetual, and all acts of
1-17 the corporation occurring before the effective date of this Act are
1-18 validated as if at the time of incorporation the period of duration
1-19 of the corporation were perpetual.
1-20 (b) This section does not apply to any matter that on the
1-21 effective date of this Act:
1-22 (1) is involved in litigation if the litigation
1-23 ultimately results in the matter being held invalid by a final
1-24 judgment in a court of competent jurisdiction; or
2-1 (2) has been held invalid by a final judgment of a
2-2 court of competent jurisdiction.
2-3 SECTION 3. The importance of this legislation and the
2-4 crowded condition of the calendars in both houses create an
2-5 emergency and an imperative public necessity that the
2-6 constitutional rule requiring bills to be read on three several
2-7 days in each house be suspended, and this rule is hereby suspended,
2-8 and that this Act take effect and be in force from and after its
2-9 passage, and it is so enacted.