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SB 1111, 69th 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 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.

Last action: No action taken in committee

Author: Kent Caperton

Subjects:
Financial--General
Oil & Gas
ROYALTIES

Senate Committee: State Affairs (Ray Farabee, Glenn Kothmann, Roy Blake, Chet Brooks, Chet Edwards, O.H. Harris, Don Henderson, Ed Howard, John Leedom, Ted Lyon, Bob McFarland, Bill Sarpalius, Craig Washington) Minutes: May 6 1985

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