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A BILL TO BE ENTITLED
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AN ACT
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relating to a reporting requirement for certain nonprofit |
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corporations that award college scholarships. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Subchapter B, Chapter 22, |
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Business Organizations Code, is amended to read as follows: |
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SUBCHAPTER B. PURPOSES,[AND] POWERS, AND DUTIES |
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SECTION 2. Subchapter B, Chapter 22, Business Organizations |
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Code, is amended by adding Section 22.058 to read as follows: |
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Sec. 22.058. COLLEGE SCHOLARSHIP AWARD REPORTING |
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REQUIREMENT FOR CERTAIN CORPORATIONS; ONLINE DATABASE. (a) This |
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section applies only to a nonprofit corporation that: |
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(1) is described by Section 501(c)(3), Internal |
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Revenue Code of 1986; |
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(2) had total gross revenues of $50 million or more in |
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the preceding calendar year; and |
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(3) in the preceding calendar year awarded one or more |
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scholarships or other similar grants of financial aid that were |
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awarded to pay all or part of the recipient's cost of education at a |
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public or private institution of higher education. |
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(b) On or before May 1, a nonprofit corporation to which |
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this section applies shall submit to the secretary of state a report |
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regarding the scholarships and other similar grants of financial |
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aid described by Subsection (a)(3) that were awarded by the |
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corporation during the preceding calendar year. The report must |
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include: |
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(1) the total number and amount of scholarships or |
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other grants awarded; |
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(2) the amount awarded to each scholarship or other |
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grant recipient; |
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(3) the name, address, ethnicity, and age of each |
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recipient; and |
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(4) the name and location of the high school or other |
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school each recipient attended when the award was made and the name |
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of the college or university the recipient attends or plans to |
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attend, if known. |
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(c) The secretary of state shall: |
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(1) prescribe a form for use by nonprofit corporations |
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under this section; and |
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(2) establish and post on the office of the secretary |
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of state's Internet website a searchable database containing a |
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compilation of the information reported under this section. |
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(d) The secretary of state may adopt rules as necessary to |
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implement this section. |
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SECTION 3. This Act takes effect September 1, 2009. |