1-1     By:  Oliveira (Senate Sponsor - Sibley)               H.B. No. 3076

 1-2           (In the Senate - Received from the House April 27, 1997;

 1-3     April 29, 1997, read first time and referred to Committee on

 1-4     Economic Development; May 18, 1997, reported favorably by the

 1-5     following vote:  Yeas 11, Nays 0; May 18, 1997, sent to printer.)

 1-6                            A BILL TO BE ENTITLED

 1-7                                   AN ACT

 1-8     relating to the terms of the board of directors of a savings bank.

 1-9           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

1-10           SECTION 1.  Section 6.01(a), Texas Savings Bank Act (Article

1-11     489e, Vernon's Texas Civil Statutes), is amended to read as

1-12     follows:

1-13           (a)  The business of a savings bank shall be directed by a

1-14     board of directors of not fewer than five or more than 21 members

1-15     elected by majority vote at the [each] annual meeting of the

1-16     members or stockholders.  The board of directors of a savings bank

1-17     may be elected to serve for staggered terms of longer than one year

1-18     as provided for in the bylaws or articles of incorporation of the

1-19     savings bank.  A savings bank authorized to issue capital stock may

1-20     provide in its bylaws that all or at least a majority of its board

1-21     of directors must be stockholders.

1-22           SECTION 2.  The importance of this legislation and the

1-23     crowded condition of the calendars in both houses create an

1-24     emergency and an imperative public necessity that the

1-25     constitutional rule requiring bills to be read on three several

1-26     days in each house be suspended, and this rule is hereby suspended,

1-27     and that this Act take effect and be in force from and after its

1-28     passage, and it is so enacted.

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