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78R11774 JSA-D

By:  Ellis                                                        S.B. No. 1908



A BILL TO BE ENTITLED

AN ACT

relating to the disclosure of information relating to the 
investment of the permanent university fund and other funds under 
the management and control of the board of regents of The University 
of Texas System.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 66.08, Education Code, is amended by 
adding Subsection (p) to read as follows:
	(p)  The corporation or any other entity with whom the board 
contracts for the investment of the permanent university fund or 
other funds under the management and control of the board shall 
disclose to the board, and shall require any person with whom the 
corporation or other investing entity enters into any agreement, 
including a limited partnership or joint venture agreement, for 
investment of a portion of those funds to disclose to the board, the 
annual performance of all investments, joint ventures, 
partnerships or limited partnerships, or other business activities 
that the corporation, investing entity, or other person managed or 
participated in managing on behalf of the board for the preceding 
five years.  The disclosure must include a general description of 
the nature of each of those investments or other activities.  The 
information disclosed is public information under Chapter 552, 
Government Code.  This subsection does not require the disclosure 
of information regarding the internal operations of any person or 
of any investment, joint venture, partnership or limited 
partnership, or other business activity managed by the person or of 
the name or identity of any other person participating in an 
investment or other activity for which disclosure is required.
	SECTION 2.  This Act takes effect immediately if it receives 
a vote of two-thirds of all the members elected to each house, as 
provided by Section 39, Article III, Texas Constitution.  If this 
Act does not receive the vote necessary for immediate effect, this 
Act takes effect September 1, 2003.