1-1 By: Carona S.B. No. 1288
1-2 (In the Senate - Filed March 8, 2001; March 12, 2001, read
1-3 first time and referred to Committee on Intergovernmental
1-4 Relations; March 28, 2001, reported favorably by the following
1-5 vote: Yeas 7, Nays 0; March 28, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to a limitation on the liability of directors of housing
1-9 finance corporations.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Subdivision (2), Section A, Article 7.06, Texas
1-12 Miscellaneous Corporation Laws Act (Article 1302-7.06, Vernon's
1-13 Texas Civil Statutes), is amended to read as follows:
1-14 (2) "Corporation" means:
1-15 (a) Any corporation, association, or other
1-16 organization incorporated or organized under the Texas Business
1-17 Corporation Act, the Texas Non-Profit Corporation Act (Article
1-18 1396-1.01 et seq., Vernon's Texas Civil Statutes), Subtitle A, B,
1-19 C, or D, Title 3, Finance Code, or a predecessor of that law,
1-20 Chapter 181, Finance Code, or a predecessor of that law, the
1-21 Insurance Code, Chapter 76, Acts of the 43rd Legislature, 1st
1-22 Called Session, 1933 (Article 1434a, Vernon's Texas Civil
1-23 Statutes), the Cooperative Association Act (Article 1396-50.01,
1-24 Vernon's Texas Civil Statutes), Articles 1399 through 1407, Revised
1-25 Statutes, Article 1448, Revised Statutes, Section 2, Chapter 42,
1-26 Acts of the 42nd Legislature, 3rd Called Session, 1932 (Article
1-27 1524c, Vernon's Texas Civil Statutes), the State Housing Law
1-28 (Article 1528a, Vernon's Texas Civil Statutes), the Electric
1-29 Cooperative Corporation Act (Article 1528b, Vernon's Texas Civil
1-30 Statutes), the Telephone Cooperative Act (Article 1528c, Vernon's
1-31 Texas Civil Statutes), the Automobile Club Services Act (Article
1-32 1528d, Vernon's Texas Civil Statutes), the Texas Professional
1-33 Corporation Act (Article 1528e, Vernon's Texas Civil Statutes), the
1-34 Texas Professional Association Act (Article 1528f, Vernon's Texas
1-35 Civil Statutes), the Texas Mutual Trust Investment Company Act
1-36 (Article 1528i, Vernon's Texas Civil Statutes), Chapter 221, Health
1-37 and Safety Code, the Texas Transportation Corporation Act (Article
1-38 1528l, Vernon's Texas Civil Statutes), the Cultural Education
1-39 Facilities Corporation Act (Article 1528m, Vernon's Texas Civil
1-40 Statutes), Chapter 262, Health and Safety Code, Chapter 264, Health
1-41 and Safety Code, Title 4, Agriculture Code, Subchapter A, Chapter
1-42 301, Health and Safety Code, Subchapter B, Chapter 301, Health and
1-43 Safety Code, [or] the Higher Education Authority Act, Chapter 53,
1-44 Education Code, or Chapter 394, Local Government Code;
1-45 (b) Any corporation, association, or other
1-46 organization incorporated or organized under the laws of this state
1-47 that is governed in whole or in part by the Texas Business
1-48 Corporation Act, the Texas Non-Profit Corporation Act (Article
1-49 1396-1.01 et seq., Vernon's Texas Civil Statutes), or the Texas
1-50 Miscellaneous Corporation Laws Act (Article 1302-1.01 et seq.,
1-51 Vernon's Texas Civil Statutes); or
1-52 (c) To the extent permitted by federal law, any
1-53 federally chartered bank, savings and loan association, or credit
1-54 union.
1-55 SECTION 2. The change in law made by this Act applies only
1-56 to an act or omission occurring on or after the effective date of
1-57 this Act. An act or omission occurring before the effective date
1-58 of this Act is governed by the law in effect when the act or
1-59 omission occurred, and that law is continued in effect for that
1-60 purpose.
1-61 SECTION 3. This Act takes effect immediately if it receives
1-62 a vote of two-thirds of all the members elected to each house, as
1-63 provided by Section 39, Article III, Texas Constitution. If this
1-64 Act does not receive the vote necessary for immediate effect, this
2-1 Act takes effect September 1, 2001.
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