By Naishtat H.B. No. 1316 75R1469 BEM-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the investment of assets by the guardian of an estate. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Section 856(a), Texas Probate Code, is amended to 1-5 read as follows: 1-6 (a) If a guardian of an estate deems it is in the best 1-7 interests of the ward the guardian is appointed to represent to 1-8 invest on behalf of the ward in the Texas tomorrow fund established 1-9 by Subchapter F, Chapter 54, Education Code, or to invest in or 1-10 sell any property or security in which a trustee is authorized to 1-11 invest by either Section 113.056 or Subchapter F, Chapter 113, of 1-12 the Texas Trust Code (Subtitle B, Title 9, Property Code), and the 1-13 investment or sale is not expressly permitted by other sections of 1-14 this chapter, the guardian may file a written application in the 1-15 court in which the guardianship is pending that asks for an order 1-16 authorizing the guardian to make the desired investment or sale and 1-17 states the reason why the guardian is of the opinion that the 1-18 investment or sale would be beneficial to the ward. A citation or 1-19 notice is not necessary under this subsection unless ordered by the 1-20 court. 1-21 SECTION 2. A court may modify any guardianship in effect on 1-22 September 1, 1997, to conform to the requirements of the Texas 1-23 Probate Code, as amended by this Act, on the court's own motion or 1-24 on application by the guardian or any other interested person or 2-1 entity. 2-2 SECTION 3. This Act takes effect September 1, 1997. Except 2-3 as provided by Section 2 of this Act, the change in law made by 2-4 this Act applies only to a person appointed by a court to serve as 2-5 guardian on or after the effective date of this Act. A person 2-6 appointed by a court to serve as guardian before the effective date 2-7 of this Act is governed by the law in effect on the date of the 2-8 person's appointment and that law continues in effect for that 2-9 purpose. 2-10 SECTION 4. The importance of this legislation and the 2-11 crowded condition of the calendars in both houses create an 2-12 emergency and an imperative public necessity that the 2-13 constitutional rule requiring bills to be read on three several 2-14 days in each house be suspended, and this rule is hereby suspended.