1-1 By: Keffer, Gallego, Christian H.B. No. 1543 1-2 (Senate Sponsor - Fraser) 1-3 (In the Senate - Received from the House April 9, 1999; 1-4 April 12, 1999, read first time and referred to Committee on 1-5 Economic Development; May 13, 1999, reported favorably by the 1-6 following vote: Yeas 7, Nays 0; May 13, 1999, sent to printer.) 1-7 A BILL TO BE ENTITLED 1-8 AN ACT 1-9 relating to the residency requirements for directors of certain 1-10 economic development corporations. 1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-12 SECTION 1. Section 4B(c), Development Corporation Act of 1-13 1979 (Article 5190.6, Vernon's Texas Civil Statutes), is amended to 1-14 read as follows: 1-15 (c) The board of directors of a corporation under this 1-16 section consists of seven directors who are appointed by the 1-17 governing body of the eligible city for two-year terms of office. 1-18 A director may be removed by the governing body of the eligible 1-19 city at any time without cause. Each director of a corporation 1-20 created by an eligible city with a population of 10,000 or more 1-21 must be a resident of the eligible city. Each director of a 1-22 corporation created by an eligible city with a population of less 1-23 than 10,000 must be a resident of the eligible city or the county 1-24 in which the major part of the area of the eligible city is 1-25 located. Three directors shall be persons who are not employees, 1-26 officers, or members of the governing body of the eligible city. A 1-27 majority of the entire membership of the board is a quorum. The 1-28 board shall conduct all meetings within the boundaries of the 1-29 eligible city. The board shall appoint a president, a secretary, 1-30 and other officers of the corporation that the governing body of 1-31 the eligible city considers necessary. The corporation's 1-32 registered agent must be an individual resident of the state and 1-33 the corporation's registered office must be within the boundaries 1-34 of the eligible city. 1-35 SECTION 2. This Act takes effect September 1, 1999. 1-36 SECTION 3. The importance of this legislation and the 1-37 crowded condition of the calendars in both houses create an 1-38 emergency and an imperative public necessity that the 1-39 constitutional rule requiring bills to be read on three several 1-40 days in each house be suspended, and this rule is hereby suspended. 1-41 * * * * *