SB 1111, 69th 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 trustee 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 this Act inapplicable to public lands; making the attorney general responsible for enforcement of this Act.
Related Senate committee minutes
State Affairs, 69th Leg.
05/06/1985
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