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.