1-1 AN ACT
1-2 relating to a limitation on the liability of directors of housing
1-3 finance corporations.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Subdivision (2), Section A, Article 7.06, Texas
1-6 Miscellaneous Corporation Laws Act (Article 1302-7.06, Vernon's
1-7 Texas Civil Statutes), is amended to read as follows:
1-8 (2) "Corporation" means:
1-9 (a) Any corporation, association, or other
1-10 organization incorporated or organized under the Texas Business
1-11 Corporation Act, the Texas Non-Profit Corporation Act (Article
1-12 1396-1.01 et seq., Vernon's Texas Civil Statutes), Subtitle A, B,
1-13 C, or D, Title 3, Finance Code, or a predecessor of that law,
1-14 Chapter 181, Finance Code, or a predecessor of that law, the
1-15 Insurance Code, Chapter 76, Acts of the 43rd Legislature, 1st
1-16 Called Session, 1933 (Article 1434a, Vernon's Texas Civil
1-17 Statutes), the Cooperative Association Act (Article 1396-50.01,
1-18 Vernon's Texas Civil Statutes), Articles 1399 through 1407, Revised
1-19 Statutes, Article 1448, Revised Statutes, Section 2, Chapter 42,
1-20 Acts of the 42nd Legislature, 3rd Called Session, 1932 (Article
1-21 1524c, Vernon's Texas Civil Statutes), the State Housing Law
1-22 (Article 1528a, Vernon's Texas Civil Statutes), the Electric
1-23 Cooperative Corporation Act (Article 1528b, Vernon's Texas Civil
1-24 Statutes), the Telephone Cooperative Act (Article 1528c, Vernon's
1-25 Texas Civil Statutes), the Automobile Club Services Act (Article
2-1 1528d, Vernon's Texas Civil Statutes), the Texas Professional
2-2 Corporation Act (Article 1528e, Vernon's Texas Civil Statutes), the
2-3 Texas Professional Association Act (Article 1528f, Vernon's Texas
2-4 Civil Statutes), the Texas Mutual Trust Investment Company Act
2-5 (Article 1528i, Vernon's Texas Civil Statutes), Chapter 221, Health
2-6 and Safety Code, the Texas Transportation Corporation Act (Article
2-7 1528l, Vernon's Texas Civil Statutes), the Cultural Education
2-8 Facilities Corporation Act (Article 1528m, Vernon's Texas Civil
2-9 Statutes), Chapter 262, Health and Safety Code, Chapter 264, Health
2-10 and Safety Code, Title 4, Agriculture Code, Subchapter A, Chapter
2-11 301, Health and Safety Code, Subchapter B, Chapter 301, Health and
2-12 Safety Code, [or] the Higher Education Authority Act, Chapter 53,
2-13 Education Code, or Chapter 394, Local Government Code;
2-14 (b) Any corporation, association, or other
2-15 organization incorporated or organized under the laws of this state
2-16 that is governed in whole or in part by the Texas Business
2-17 Corporation Act, the Texas Non-Profit Corporation Act (Article
2-18 1396-1.01 et seq., Vernon's Texas Civil Statutes), or the Texas
2-19 Miscellaneous Corporation Laws Act (Article 1302-1.01 et seq.,
2-20 Vernon's Texas Civil Statutes); or
2-21 (c) To the extent permitted by federal law, any
2-22 federally chartered bank, savings and loan association, or credit
2-23 union.
2-24 SECTION 2. The change in law made by this Act applies only
2-25 to an act or omission occurring on or after the effective date of
2-26 this Act. An act or omission occurring before the effective date
3-1 of this Act is governed by the law in effect when the act or
3-2 omission occurred, and that law is continued in effect for that
3-3 purpose.
3-4 SECTION 3. This Act takes effect immediately if it receives
3-5 a vote of two-thirds of all the members elected to each house, as
3-6 provided by Section 39, Article III, Texas Constitution. If this
3-7 Act does not receive the vote necessary for immediate effect, this
3-8 Act takes effect September 1, 2001.
_______________________________ _______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1288 passed the Senate on
April 5, 2001, by the following vote: Yeas 30, Nays 0, one
present, not voting.
_______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1288 passed the House on
May 23, 2001, by the following vote: Yeas 145, Nays 0, two
present, not voting.
_______________________________
Chief Clerk of the House
Approved:
_______________________________
Date
_______________________________
Governor