Bill Text: TX HB1592 | 2011-2012 | 82nd Legislature | Introduced


Bill Title: Relating to the members of the State Securities Board.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-05-09 - Comm. report sent to Local & Consent Calendar [HB1592 Detail]

Download: Texas-2011-HB1592-Introduced.html
  82R8887 ATP-D
 
  By: Legler H.B. No. 1592
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the members of the State Securities Board.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subsections B and E, Section 2, The Securities
  Act (Article 581-2, Vernon's Texas Civil Statutes), are amended to
  read as follows:
         B.  Two members of the Board must be persons who are each
  registered as a dealer, agent, investment adviser, or investment
  adviser representative and who are not employed by a commercial
  bank or nonbank affiliate. Three members of the Board [members]
  must be members of the general public. A person is not eligible for
  appointment as a public member if the person or the person's spouse:
               (1)  is registered as a dealer, agent, investment
  adviser, or investment adviser representative;
               (2)  has an active notice filing under this Act to
  engage in business in this state as an investment adviser or
  investment adviser representative;
               (3)  is employed by or participates in the management
  of a business entity engaged in business as a securities dealer or
  investment adviser; or
               (4)  has, other than as a consumer, a financial
  interest in a business entity engaged in business as a securities
  dealer or investment adviser.
         E. It is a ground for removal from the Board that a member:
               (1)  does not have at the time of taking office the
  qualifications required by Subsection A or B of this section for
  appointment to the Board;
               (2)  does not maintain during service on the Board the
  qualifications required by Subsection A or B of this section for
  appointment to the Board;
               (3)  [is ineligible for membership under Subsection B
  of this section or Subsection B or C of Section 2-1 of this Act;
               [(4)] cannot, because of illness or disability,
  discharge the member's duties for a substantial part of the member's
  term; or
               (4) [(5)]  is absent from more than half of the
  regularly scheduled Board meetings that the member is eligible to
  attend during a calendar year without an excuse approved by a
  majority vote of the Board.
         SECTION 2.  (a) The change in law made by this Act to
  Subsection B, Section 2, The Securities Act (Article 581-2,
  Vernon's Texas Civil Statutes), as amended by this Act, does not
  affect the eligibility of a member of the State Securities Board
  appointed before September 1, 2011, to continue to serve the term
  that began before that date.
         (b)  Each of the first two persons appointed to the State
  Securities Board on or after September 1, 2011, must be a dealer,
  agent, investment adviser, or investment adviser representative
  registered under The Securities Act (Article 581-1 et seq.,
  Vernon's Texas Civil Statutes), as amended by this Act, and not
  employed by a commercial bank or nonbank affiliate.
         SECTION 3.  This Act takes effect September 1, 2011.
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