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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of the Teacher Retirement System of Texas |
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to invest in certain hedge funds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 825.3012(b), Government Code, is amended |
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to read as follows: |
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(b) Notwithstanding any provision of Section 825.301, not |
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more than 10 [five] percent of the value of the total investment |
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portfolio of the retirement system may be invested in hedge funds. |
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SECTION 2. Section 825.3012(b-1), Government Code, is |
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repealed. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect on the 91st day after the last day of the |
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legislative session. |