By Oliveira H.B. No. 3076
75R9034 CLG-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the terms of the board of directors of a savings bank.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 6.01(a), Texas Savings Bank Act (Article
1-5 489e, Vernon's Texas Civil Statutes), is amended to read as
1-6 follows:
1-7 (a) The business of a savings bank shall be directed by a
1-8 board of directors of not fewer than five or more than 21 members
1-9 elected by majority vote at the [each] annual meeting of the
1-10 members or stockholders. The board of directors of a savings bank
1-11 may be elected to serve for staggered terms of longer than one year
1-12 as provided for in the bylaws or articles of incorporation of the
1-13 savings bank. A savings bank authorized to issue capital stock may
1-14 provide in its bylaws that all or at least a majority of its board
1-15 of directors must be stockholders.
1-16 SECTION 2. The importance of this legislation and the
1-17 crowded condition of the calendars in both houses create an
1-18 emergency and an imperative public necessity that the
1-19 constitutional rule requiring bills to be read on three several
1-20 days in each house be suspended, and this rule is hereby suspended,
1-21 and that this Act take effect and be in force from and after its
1-22 passage, and it is so enacted.