1-1 AN ACT 1-2 relating to the termination of certain receiverships. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Subchapter E, Chapter 64, Civil Practice and 1-5 Remedies Code, is amended by adding Section 64.0721 to read as 1-6 follows: 1-7 Sec. 64.0721. TERMINATION OF RAILROAD RECEIVERSHIP. (a) A 1-8 receiver of a railroad company located wholly within this state 1-9 that has been in receivership for more than 50 years may apply to 1-10 the court that appointed the receiver requesting the court to: 1-11 (1) terminate the receivership; and 1-12 (2) disburse any assets of the railroad company 1-13 remaining after the payment of the company's debts to one or more 1-14 nonprofit charitable organizations chosen by the receiver for use 1-15 in providing services within the county in which the receiver was 1-16 appointed. 1-17 (b) After a receiver makes an application under Subsection 1-18 (a), the receiver shall publish notice of the proposed termination 1-19 of the receivership for seven consecutive days in a newspaper of 1-20 general circulation in the county in which the receivership is 1-21 located. The notice must state that a person with an interest in 1-22 the assets of the railroad company may file a claim with the court 1-23 that appointed the receiver not later than the 90th day after the 1-24 final day of the publication of the notice. 2-1 (c) After the expiration of the period for filing claims 2-2 provided by Subsection (b) and after the court resolves all claims 2-3 filed with the court relating to the railroad company, the court 2-4 shall disburse any remaining assets of the receivership to the 2-5 nonprofit charitable organizations chosen by the receiver that are 2-6 acceptable to the court in its discretion. 2-7 (d) Any noncash assets of a railroad company that exist when 2-8 its receivership is terminated under this section escheat to the 2-9 state. 2-10 SECTION 2. The importance of this legislation and the 2-11 crowded condition of the calendars in both houses create an 2-12 emergency and an imperative public necessity that the 2-13 constitutional rule requiring bills to be read on three several 2-14 days in each house be suspended, and this rule is hereby suspended, 2-15 and that this Act take effect and be in force from and after its 2-16 passage, and it is so enacted. _______________________________ _______________________________ President of the Senate Speaker of the House I certify that H.B. No. 3581 was passed by the House on May 2, 1997, by the following vote: Yeas 142, Nays 0, 2 present, not voting; and that the House concurred in Senate amendments to H.B. No. 3581 on May 22, 1997, by the following vote: Yeas 144, Nays 0, 1 present, not voting. _______________________________ Chief Clerk of the House I certify that H.B. No. 3581 was passed by the Senate, with amendments, on May 20, 1997, by the following vote: Yeas 27, Nays 3. _______________________________ Secretary of the Senate APPROVED: _____________________ Date _____________________ Governor