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A BILL TO BE ENTITLED
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AN ACT
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relating to a change in ownership of entities awarded grants from |
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the Texas Enterprise Fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 481.078, Government Code, is amended by |
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adding Subsections (f-1) and (f-2) to read as follows: |
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(f-1) An entity that acquires, by merger, acquisition, or |
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other transfer, ownership or control of a grant recipient shall: |
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(1) report the change in ownership or control to the |
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governor; and |
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(2) comply with the terms and conditions of the grant |
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agreement entered into by the grant recipient and any other |
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requirement imposed on the grant recipient in connection with the |
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grant award. |
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(f-2) The grant agreement must include a provision |
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regarding the requirements of Subsection (f-1). A grant recipient |
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that is the subject of a merger, acquisition, or other transfer of |
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ownership or control shall include language in each contract |
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relating to the transfer that informs the acquiring entity of its |
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duties and obligations under Subsection (f-1). |
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SECTION 2. The changes in law made by this Act to Section |
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481.078, Government Code, apply only to an agreement that is |
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entered into on or after the effective date of this Act. An |
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agreement that is entered into before the effective date of this Act |
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is governed by the law in effect on the date the agreement was |
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entered into, and the former law is continued in effect for that |
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purpose. |
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SECTION 3. This Act takes effect September 1, 2009. |