By: Nixon S.B. No. 848
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the use of a scholarship fund for fifth-year accounting
1-2 students.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subsections (c) and (d), Section 32, Public
1-5 Accountancy Act of 1991 (Article 41a-1, Vernon's Texas Civil
1-6 Statutes), are amended to read as follows:
1-7 (c) Each fee collected under this section shall be deposited
1-8 to the credit of the scholarship fund for fifth-year accounting
1-9 students as a special fund in the [state] treasury outside the
1-10 general revenue fund [to the credit of a special fund to be known
1-11 as the scholarship fund for fifth-year accounting students]. The
1-12 fund may be appropriated [used] only to [by] the Texas Higher
1-13 Education Coordinating Board for providing scholarships to
1-14 accounting students in the fifth year of a program that would
1-15 qualify the recipient to apply to become a certified public
1-16 accountant, as provided by Subchapter N, Chapter 61, Education
1-17 Code, and to [by] the Texas Higher Education Coordinating Board and
1-18 the Texas State Board of Public Accountancy for paying associated
1-19 administrative costs, subject to Subsection (e) of this section.
1-20 Interest earned on the fund shall be credited to the fund.
1-21 (d) The fund is exempt from the application of Section
1-22 403.095 [Notwithstanding Section 404.071], Government Code[,
1-23 interest earned on amounts in the scholarship fund for fifth-year
1-24 accounting students shall be credited to that fund].
2-1 SECTION 2. On the effective date of this Act, the
2-2 comptroller of public accounts shall transfer the balance of the
2-3 scholarship fund for fifth-year accounting students as it exists
2-4 immediately before the effective date of this Act to the special
2-5 fund outside the general revenue fund created by this Act.
2-6 SECTION 3. The importance of this legislation and the
2-7 crowded condition of the calendars in both houses create an
2-8 emergency and an imperative public necessity that the
2-9 constitutional rule requiring bills to be read on three several
2-10 days in each house be suspended, and this rule is hereby suspended,
2-11 and that this Act take effect and be in force from and after its
2-12 passage, and it is so enacted.