By Keffer                                             H.B. No. 1543
         76R5266 WP-D                           
                                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.
 1-5           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 must be a resident
1-13     of the eligible city.]  Three directors shall be persons who are
1-14     not employees, officers, or members of the governing body of the
1-15     eligible city.  A majority of the entire membership of the board is
1-16     a quorum.  The board shall conduct all meetings within the
1-17     boundaries of the eligible city.  The board shall appoint a
1-18     president, a secretary, and other officers of the corporation that
1-19     the governing body of the eligible city considers necessary.  The
1-20     corporation's registered agent must be an individual resident of
1-21     the state and the corporation's registered office must be within
1-22     the boundaries of the eligible city.
1-23           SECTION 2.  The importance of this legislation and the
1-24     crowded condition of the calendars in both houses create an
 2-1     emergency and an imperative public necessity that the
 2-2     constitutional rule requiring bills to be read on three several
 2-3     days in each house be suspended, and this rule is hereby suspended,
 2-4     and that this Act take effect and be in force from and after its
 2-5     passage, and it is so enacted.