Journal of the Senate of the State of Texas, Regular Session of the Forty-Sixth Legislature Page: 54
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54 SENATE JOURNAL
and referred by the President to the insolvent or unlawfuly operated corn-
committees indicated: panies; and declaring an emergency."'
By Senator Redditt: Referred to Committee on Insur-
ance.
S. B. No. 26, A bill to be entitled
"An Act to amend Article 4504 of By Senator Nelson:
Chapter 6 of Title 71 of the Revised S. B. No. 28, A bill to be entitled
Civil Statutes of Texas and Article "An Act amending Chapter 206 of the
740, Chapter 6 of Title 12 of the Acts of the Regular Session of the
Penal Code of Texas, eliminating from Forty-first Legislature of Texas; au-
said Articles the phrase 'and that no thorizing the Board of Directors of
charge is made therefor, directly or Texas Technological College to erect
indirectly,' and inserting in lieu of and equip and to contract for the
said phrase the following 'and pro- erection, completion, and equipment
vided, further, that all those so min- of certain dormitories, cottages, and
istering or offering to minister to other buildings and improvements and
the sick or suffering shall refrain to purchase or lease additional real
from maintaining offices, except for estate therefor, to contract with muni-
the purposes of exercising the prin- cipalities and school districts for the
ciples, tenets, or teachings of the joint construction of certain build-
Church of which they are bona fide ings, to issue certain revenue obliga-
members,' and declaring an emer- tions to pay therefor and as security
gency.,' to pledge the net rents, fees, and net
gency." rents, fees, revenue and incomes of
Referred to Committee on Public other certain properties owned by said
Health. college, limiting the rate of interest
to be borne by such obligations to a
By Senator Nelson: rate not to exceed six (6%) per cent
S. B. No. 27, A bill to be entitled per annum and the maturity date
"An Act amending Chapter 245, Acts thereof for a period not exceeding
of the Regular Session of the Forty- twenty (20) years from date thereof;
third Legislature, to provide addi- authorizing said Board of Directors
tional regulation of state-wide Mutual to pledge the unused part of any
Assessment Insurance Companies; re- revenues from self-liquidating build-
quiring the filing of rate schedules; ings for the construction of additions
requiring a deposit of cash or secu- to said buildings or the construction
rities and providing how such deposit of any other buildings and the pur-
is to be used; providing the purposes chase of sites therefor, providing that
for which claim funds may be used; subsequent issue of revenue bonds or
providing how mortuary funds may notes shall be a second lien and in-
be invested; limiting the benefits that ferior to outstanding revenue bonds
may be promised; providing that all or notes secured by pledge of said
companies now operating under said revenues; prescribing certain powers
Act shall be subject to these provi- and duties in regard to establishing
sions; and that the rates of assess- and maintaining schedules of rates,
ments or premiums collected on exist- fees, and charges sufficient to pay
ing policies shall be made to conform operating and maintenance costs and
to the provisions of this Act; requir- to pay principal and interest upon the
ing that such companies shall collect obligations herein authorized and
sufficient assessments or premiums to limiting the maximum fees which may
enable them to pay their claims in be charged; authorizing said Board of
accordance with policy provisions; Directors to adopt certain rules and
providing for the merger or dissolu- regulations in regard to the control
tion of groups or companies not meet- of improvements authorized herein;
ing the requirements of this Act; prohibiting the creation of any debt
giving the Board of Insurance Com- against said college or the State of
missioners authority to prescribe rea- Texas and prescribing the manner of
sonable rules and regulations to payment of the obligations authorized
carry out the provisions of this Act; herein; providing for the approval of
providing that no companies or groups all bonds by the Attorney General of
may be merged except with the ap- Texas and the registration thereof by
proval of the Board of Insurance the Comptroller of Public Accounts of
Commissioners; defining insolvency; Texas and the approval of the State
prescribing the method of dealing with Auditor of all revenue bonds or rev-
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Texas. Legislature. Senate. Journal of the Senate of the State of Texas, Regular Session of the Forty-Sixth Legislature, legislative document, 1939; (https://texashistory.unt.edu/ark:/67531/metapth145993/m1/54/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.