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A BILL TO BE ENTITLED
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AN ACT
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relating to delivery of certain unclaimed money to a rural |
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scholarship fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 74.3011(g), Property Code, is amended to |
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read as follows: |
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(g) [During a state fiscal year, the total amount of money
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that may be transferred by all local telephone exchange companies
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under this section may not exceed $400,000.] The comptroller shall |
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keep a record of the total amount of money transferred annually. |
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[When the total amount of money transferred during a state fiscal
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year equals the amount allowed by this subsection, the comptroller
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shall notify each local telephone exchange company that the company
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may not transfer any additional money to the company's scholarship
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fund during the remainder of that state fiscal year.] |
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SECTION 2. This Act takes effect September 1, 2007. |