By Keffer 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 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.