SB 536, 68th R.S.
Relating to the establishment of a trust fund composed of certain oil and gas sales proceeds; insulating such funds from claims against the trustees and the trustee's estate; requiring deposit of those funds in county banks and savings and loan associations and permitting investment of those funds; providing for the disposition of the interest on such funds; requiring trustee to report fund deposits to state comptroller of public accounts; enabling royalty owners to audit the books of account of trustees pertaining to trust funds; fixing interest on trust funds not timely disbursed; enabling private citizens to sue for enforcement of the act; defining wrongful disbursement or misapplication of trust funds as a penal offense and attaching a penalty; making the Texas Trust Act inapplicable; making the Act inapplicable to public lands; making the attorney general responsible for enforcement of the Act.
Last action: No action taken
Author: Kent Caperton
Senate Committee: State Affairs ()
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