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.
         _______________________________     _______________________________
             President of the Senate              Speaker of the House
               I hereby certify that S.B. No. 848 passed the Senate on
         April 30, 1999, by the following vote:  Yeas 29, Nays 0.
                                             _______________________________
                                                 Secretary of the Senate
               I hereby certify that S.B. No. 848 passed the House on
         May 25, 1999, by the following vote:  Yeas 145, Nays 0, two present
         not voting.
                                             _______________________________
                                                 Chief Clerk of the House
         Approved:
         _______________________________
                     Date
         _______________________________
                   Governor