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.