By Hardcastle                                         H.B. No. 1261
         77R4402 AJA-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to delivery of certain unclaimed property for rural
 1-3     scholarships and economic development.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1. Section 74.3013(f), Property Code, is amended to
 1-6     read as follows:
 1-7           (f)  [During a state fiscal year the total amount of money
 1-8     that may be transferred by all nonprofit cooperative corporations
 1-9     under this section may not exceed $1 million.]  No more than 20
1-10     percent of each nonprofit cooperative's funds eligible for delivery
1-11     under this section shall be used for economic development.  [The
1-12     comptroller shall adopt procedures to record the total amount of
1-13     money transferred annually to allow equitable opportunity for
1-14     participation with preference given to corporations already
1-15     providing similar scholarship opportunities in other states.]
1-16           SECTION 2. (a)  This Act takes effect September 1, 2001.
1-17           (b)  The change in law made by this Act applies only to
1-18     property presumed abandoned under Chapter 72, 73, or 75, Property
1-19     Code, that is held by a nonprofit cooperative corporation on or
1-20     after June 30, 2000, and required to be delivered on or after
1-21     November 1, 2001, under Section 74.301, Property Code.