By: Turner of Tarrant (Senate Sponsor - Paxton) | H.B. No. 2668 | |
(In the Senate - Received from the House April 30, 2019; | ||
May 1, 2019, read first time and referred to Committee on Higher | ||
Education; May 19, 2019, reported favorably by the following vote: | ||
Yeas 9, Nays 0; May 19, 2019, sent to printer.) | ||
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relating to the dissolution of a direct-support organization | ||
established by the Prepaid Higher Education Tuition Board and the | ||
transfer of funds related to prepaid higher education tuition | ||
scholarships to the Texas Match the Promise Foundation or a | ||
successor entity. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 54.633, Education Code, is amended by | ||
adding Subsection (n) to read as follows: | ||
(n) The comptroller may dissolve a direct-support | ||
organization established under Subsection (e) if the comptroller | ||
determines that the purpose of the organization has been | ||
substantially complied with and orders the dissolution. On | ||
dissolution of the organization, title to all funds and property | ||
held by the organization is transferred to the Texas Match the | ||
Promise Foundation or a successor entity. | ||
SECTION 2. This Act takes effect September 1, 2019. | ||
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