76R8847 WP-D By Keffer, Gallego, Christian H.B. No. 1543 Substitute the following for H.B. No. 1543: By Keffer C.S.H.B. No. 1543 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the residency requirements for directors of certain 1-3 economic development corporations. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 4B(c), Development Corporation Act of 1-6 1979 (Article 5190.6, Vernon's Texas Civil Statutes), is amended to 1-7 read as follows: 1-8 (c) The board of directors of a corporation under this 1-9 section consists of seven directors who are appointed by the 1-10 governing body of the eligible city for two-year terms of office. 1-11 A director may be removed by the governing body of the eligible 1-12 city at any time without cause. Each director of a corporation 1-13 created by an eligible city with a population of 10,000 or more 1-14 must be a resident of the eligible city. Each director of a 1-15 corporation created by an eligible city with a population of less 1-16 than 10,000 must be a resident of the eligible city or the county 1-17 in which the major part of the area of the eligible city is 1-18 located. Three directors shall be persons who are not employees, 1-19 officers, or members of the governing body of the eligible city. A 1-20 majority of the entire membership of the board is a quorum. The 1-21 board shall conduct all meetings within the boundaries of the 1-22 eligible city. The board shall appoint a president, a secretary, 1-23 and other officers of the corporation that the governing body of 1-24 the eligible city considers necessary. The corporation's 2-1 registered agent must be an individual resident of the state and 2-2 the corporation's registered office must be within the boundaries 2-3 of the eligible city. 2-4 SECTION 2. This Act takes effect September 1, 1999. 2-5 SECTION 3. The importance of this legislation and the 2-6 crowded condition of the calendars in both houses create an 2-7 emergency and an imperative public necessity that the 2-8 constitutional rule requiring bills to be read on three several 2-9 days in each house be suspended, and this rule is hereby suspended.