82nd Texas Legislature, Regular Session, House Bill 2996, Vetoed Page: 4 of 14
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H.B. No. 2996
1 times specified by the chairman.
2 (c) The board is subject to Chapter 551, Government Code,and Chapter 2001, Government Code.
Sec. 60A.006. FISCAL ACCOUNTING OF ADMINISTRATION. (a)
All funds acquired under this chapter may be used for
administration of this chapter.
(b) On or before January 1 of each year, the authority shall
prepare a report of its activities for the preceding fiscal year.
The report must set forth a complete operating and financial
statement. The authority shall file copies of the report with the
governor and the legislature as soon as practicable.
(c) The board members, administrator, and staff of the
authority may not be personally liable for loans issued or
contracts executed by the authority and shall be exculpated and
fully indemnified in the documents relating to any loans except in
the case of fraudulent or wilful misconduct on the part of the
individual seeking exculpation or indemnification.
Sec. 60A.007. REMOVAL OF BOARD MEMBER. (a) It is a ground
for removal from the board if a member:
(1) does not have at the time of appointment the
qualifications required by Section 60A.003;
(2) does not maintain during service on the board the
qualifications required by Section 60A.003; or
(3) cannot because of illness or disability discharge
the member's duties for a substantial part of the term for which the
member is appointed.
(b) The validity of an action of the board is not affected by3
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Texas. Legislature. House of Representatives. 82nd Texas Legislature, Regular Session, House Bill 2996, Vetoed, legislative document, June 17, 2011; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth311422/m1/4/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.