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.