By Nixon                                               S.B. No. 848
         76R5532 CAG-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the use of a scholarship fund for fifth-year accounting
 1-3     students.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  Sections 32(c) and (d), Public Accountancy Act of
 1-6     1991 (Article 41a-1, Vernon's Texas Civil Statutes), are amended to
 1-7     read as follows:
 1-8           (c)  Each fee collected under this section shall be deposited
 1-9     to the credit of the scholarship fund for fifth-year accounting
1-10     students as a special fund in the [state] treasury outside the
1-11     general revenue fund [to the credit of a special fund to be known
1-12     as the scholarship fund for fifth-year accounting students].  The
1-13     fund may be appropriated [used] only to [by] the Texas Higher
1-14     Education Coordinating Board for providing scholarships to
1-15     accounting students in the fifth year of a program that would
1-16     qualify the recipient to apply to become a certified public
1-17     accountant, as provided by Subchapter N, Chapter 61, Education
1-18     Code, and to [by] the Texas Higher Education Coordinating Board and
1-19     the Texas State Board of Public Accountancy for paying associated
1-20     administrative costs, subject to Subsection (e) of this section.
1-21     Interest earned on the fund shall be credited to the fund.
1-22           (d)  The fund is exempt from the application of Section
1-23     403.095 [Notwithstanding  Section 404.071], Government Code[,
1-24     interest earned on amounts  in the scholarship fund for fifth-year
 2-1     accounting students shall be credited to that fund].
 2-2           SECTION 2.  On the effective date of this Act, the
 2-3     comptroller of public accounts shall transfer the balance of the
 2-4     scholarship fund for fifth-year accounting students as it exists
 2-5     immediately before the effective date of this Act to the special
 2-6     fund outside the general revenue fund created by this Act.
 2-7           SECTION 3.  The importance of this legislation and the
 2-8     crowded condition of the calendars in both houses create an
 2-9     emergency and an imperative public necessity that the
2-10     constitutional rule requiring bills to be read on three several
2-11     days in each house be suspended, and this rule is hereby suspended,
2-12     and that this Act take effect and be in force from and after its
2-13     passage, and it is so enacted.