SB1903 - Relating to the composition of the board of directors of the Texas Permanent School Fund Corporation.

      By: Campbell, Parker S.B. No. 1903     A BILL TO BE ENTITLED   AN ACT   relating to the composition of the board of directors of the Texas   Permanent School Fund Corporation.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Sections 43.053(a) and (c), Education Code, are   amended to read as follows:          (a)  The board of directors is composed of the following 11   [ nine ] members:                (1)  five members of the State Board of Education,   appointed by the board in accordance with board policy;                (2)  the commissioner of the General Land Office;                (3)  one member appointed by the commissioner of the   General Land Office who has substantial background and expertise in   investments and asset management; [ and ]                (4)  two members appointed by the governor, with the   advice and consent of the senate, each of whom must have substantial   background and expertise in investments and asset management and   may not be members of the State Board of Education or the School   Land Board ;                   (5)     one member appointed by the lieutenant governor,   with the advice and consent of the senate, who must have substantial   background and expertise in investments and asset management; and                 (6)     one member appointed by the speaker of the house of   representatives, with the advice and consent of the senate, who   must have substantial background and expertise in investments and   asset management .          (c)  Members of the board of directors appointed under   Subsections (a)(3) , [ and ] (4) , (5), and (6) serve staggered   six-year terms, with the terms [ term ] of one or two members [ member ]   expiring on January 1 of each odd-numbered year.          SECTION 2.  (a) As soon as practicable after the effective   date of this Act, the lieutenant governor and the speaker of the   house of representatives shall appoint the initial directors under   Sections 43.053(a)(5) and (6), Education Code, as added by this   Act.          (b)  As soon as practicable after the initial directors have   been appointed under Sections 43.053(a)(5) and (6), Education Code,   as added by this Act, the directors shall draw lots to determine   which director serves a term expiring January 1, 2029, and which   director serves a term expiring January 1, 2031.          SECTION 3.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2025.