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A BILL TO BE ENTITLED
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AN ACT
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relating to asset management and acquisition by institutions of |
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higher education. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 73.115, Education Code, is amended by |
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adding Subsection (g) to read as follows: |
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(g) In any contract for the acquisition of goods and |
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services to which an institution of higher education is a party, a |
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provision required by applicable law to be included in the contract |
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is considered to be a part of the executed contract without regard |
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to: |
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(1) whether the provision appears on the face of the |
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contract; or |
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(2) whether the contract includes any provision to the |
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contrary. |
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SECTION 2. Chapter 64, Property Code, as added by Chapter |
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918, Acts of the 82nd Legislature, Regular Session, 2011, is |
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amended by adding Section 64.0011 to read as follows: |
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Sec. 64.0011. APPLICATION TO INSTITUTIONS OF HIGHER |
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EDUCATION. This chapter does not apply to residential property for |
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which an institution of higher education is a co-owner. |
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SECTION 3. Section 66.08(d), Education Code, is amended to |
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read as follows: |
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(d) The board of directors of the corporation shall have |
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nine members, determined as follows: |
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(1) seven [six] members appointed by the board, of |
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whom: |
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(A) three must be members of the board; and
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(B) [the other] three must have a substantial |
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background and expertise in investments; and |
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(C) one must be a qualified individual as |
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determined by the board, which may include |
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[(2)] the chancellor of The University of Texas System; |
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and |
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[(3)] two members appointed by the board of regents of The |
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Texas A&M University System, at least one of whom must have a |
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substantial background and expertise in investments. |
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SECTION 4. Section 74.002, Education Code, is repealed. |
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SECTION 5. This Act takes effect immediately if it receives |
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the 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 September 1, 2013. |