LRL Home - Legislation - Legislative archive system - Direct search - Search results
SB 536, 68th Regular Session
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
Oil & Gas
Senate Committee: State Affairs ()
The Legislative Archive System is a work in progress. Complete information is not available for all bills and all sessions. Visit the Legislative Archive System status page for details. Please contact the Legislative Reference Library at 512-463-1252 if you have any questions.
Information on this website is provided as a public service by the Legislative Reference Library. The Legislative Reference Library makes no representation as to its completeness or accuracy and makes no warranty in regard to its use. Users assume all risk of reliance on the information included on this site.