1-1 By: Duncan S.B. No. 1547 1-2 (In the Senate - Filed March 9, 2001; March 14, 2001, read 1-3 first time and referred to Committee on Finance; March 26, 2001, 1-4 reported favorably by the following vote: Yeas 10, Nays 0; 1-5 March 26, 2001, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to the establishment of an investment advisory board by 1-9 the comptroller of public accounts. 1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-11 SECTION 1. Subchapter C, Chapter 404, Government Code, is 1-12 amended by adding Section 404.028 to read as follows: 1-13 Sec. 404.028. INVESTMENT ADVISORY BOARD. (a) The 1-14 comptroller shall establish an investment advisory board to advise 1-15 the comptroller regarding investments that the comptroller makes 1-16 under this subchapter or other law. For purposes of this section, 1-17 the deposit of state funds in a state depository is not considered 1-18 an investment. 1-19 (b) The comptroller shall appoint members to the advisory 1-20 board who possess the expertise appropriate for advising the 1-21 comptroller with regard to one or more types of investments that 1-22 the comptroller may make. 1-23 (c) The comptroller shall determine the number of members of 1-24 the advisory board. A member serves on the advisory board at the 1-25 will of the comptroller. 1-26 (d) Chapter 2110 does not apply to the size, composition, or 1-27 duration of the advisory board. 1-28 SECTION 2. This Act takes effect immediately if it receives 1-29 a vote of two-thirds of all the members elected to each house, as 1-30 provided by Section 39, Article III, Texas Constitution. If this 1-31 Act does not receive the vote necessary for immediate effect, this 1-32 Act takes effect September 1, 2001. 1-33 * * * * *