By Walker H.B. No. 2759 75R8704 CAS-F A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the delivery by certain electric cooperative 1-3 corporations of money that is presumed to be abandoned. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Subchapter D, Chapter 74, Property Code, is 1-6 amended by adding Section 74.3013 to read as follows: 1-7 Sec. 74.3013. DELIVERY OF MONEY BY ELECTRIC COOPERATIVE 1-8 CORPORATION. (a) This section applies only to an electric 1-9 cooperative corporation incorporated in another state that provides 1-10 electric service to consumers residing in a county in this state 1-11 that borders the state in which the electric cooperative is 1-12 incorporated. 1-13 (b) Notwithstanding any other law, instead of delivering 1-14 reported money to the comptroller, an electric cooperative 1-15 corporation may deliver the money to a scholarship fund established 1-16 to enable students from rural areas to attend college, technical 1-17 school, or another postsecondary educational institution. The 1-18 electric cooperative corporation may distribute money from the fund 1-19 only to carry out the purpose for which the fund is established. 1-20 SECTION 2. Section 74.3013, Property Code, as added by this 1-21 Act, applies only to money that an electric cooperative 1-22 corporation would otherwise be required to deliver to the 1-23 comptroller on or after the effective date of this Act. Money that 1-24 was required to be delivered to the comptroller before the 2-1 effective date of this Act is governed by the law in effect when 2-2 the money was required to be delivered, and that law is continued 2-3 in effect for that purpose. 2-4 SECTION 3. This Act takes effect September 1, 1997. 2-5 SECTION 4. The importance of this legislation and the 2-6 crowded condition of the calendars in both houses create an 2-7 emergency and an imperative public necessity that the 2-8 constitutional rule requiring bills to be read on three several 2-9 days in each house be suspended, and this rule is hereby suspended.