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A BILL TO BE ENTITLED
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AN ACT
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relating to the dissolution of a direct-support organization |
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established by the Prepaid Higher Education Tuition Board and the |
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transfer of funds related to prepaid higher education tuition |
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scholarships to the Texas Match the Promise Foundation or a |
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successor entity. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 54.633, Education Code, is amended by |
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adding Subsection (n) to read as follows: |
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(n) The comptroller may dissolve a direct-support |
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organization established under Subsection (e) if the comptroller |
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determines that the purpose of the organization has been |
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substantially complied with and orders the dissolution. On |
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dissolution of the organization, title to all funds and property |
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held by the organization is transferred to the Texas Match the |
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Promise Foundation or a successor entity. |
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SECTION 2. This Act takes effect September 1, 2019. |