1-1     By:  Oliveira (Senate Sponsor - Sibley)               H.B. No. 3078

 1-2           (In the Senate - Received from the House May 5, 1997;

 1-3     May 6, 1997, read first time and referred to Committee on Economic

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

 1-5     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 an incorporation requirement of a state savings bank.

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

1-10           SECTION 1.  Section 2.03, Texas Savings Bank Act (Article

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

1-12     follows:

1-13           Sec. 2.03.  STATUS AS [INTERNAL REVENUE SERVICE] THRIFT

1-14     INSTITUTION.  (a)  A savings bank must qualify for and maintain:

1-15                 (1)  the asset test of Section 7701(a)(19) of the

1-16     Internal Revenue Code of 1986 (26 U.S.C. Section 7701(a)(19)); or

1-17                 (2)  the qualified thrift lender test of Section 10(m)

1-18     of the Home Owners' Loan Act (12 U.S.C. Section 1467a(m)).

1-19           (b)  The commissioner may grant temporary or limited

1-20     exceptions to the requirements of this section as the commissioner

1-21     considers necessary.

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.

1-29                                  * * * * *