1-1 By: Hightower (Senate Sponsor - Ogden) H.B. No. 3581 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 1-4 Jurisprudence; May 17, 1997, reported favorably by the following 1-5 vote: Yeas 7, Nays 0; May 17, 1997, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to the termination of certain receiverships. 1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-10 SECTION 1. Subchapter E, Chapter 64, Civil Practice and 1-11 Remedies Code, is amended by adding Section 64.0721 to read as 1-12 follows: 1-13 Sec. 64.0721. TERMINATION OF RAILROAD RECEIVERSHIP. (a) A 1-14 receiver of a railroad company located wholly within this state 1-15 that has been in receivership for more than 50 years may apply to 1-16 the court that appointed the receiver requesting the court to: 1-17 (1) terminate the receivership; and 1-18 (2) disburse any assets of the railroad company 1-19 remaining after the payment of the company's debts to one or more 1-20 nonprofit charitable organizations chosen by the receiver for use 1-21 in providing services within the county in which the receiver was 1-22 appointed. 1-23 (b) After a receiver makes an application under Subsection 1-24 (a), the receiver shall publish notice of the proposed termination 1-25 of the receivership for seven consecutive days in a newspaper of 1-26 general circulation in the county in which the receivership is 1-27 located. The notice must state that a person with an interest in 1-28 the assets of the railroad company may file a claim with the court 1-29 that appointed the receiver not later than the 90th day after the 1-30 final day of the publication of the notice. 1-31 (c) After the expiration of the period for filing claims 1-32 provided by Subsection (b) and after the court resolves all claims 1-33 filed with the court relating to the railroad company, the court 1-34 shall disburse any remaining assets of the receivership to the 1-35 nonprofit charitable organizations chosen by the receiver that are 1-36 acceptable to the court in its discretion. 1-37 SECTION 2. The importance of this legislation and the 1-38 crowded condition of the calendars in both houses create an 1-39 emergency and an imperative public necessity that the 1-40 constitutional rule requiring bills to be read on three several 1-41 days in each house be suspended, and this rule is hereby suspended, 1-42 and that this Act take effect and be in force from and after its 1-43 passage, and it is so enacted. 1-44 * * * * *