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  S.B. No. 777
 
 
 
 
AN ACT
  relating to re-creating the scholarship trust fund for fifth-year
  accounting students as a trust fund outside the state treasury.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subsection (a), Section 901.155, Occupations
  Code, is amended to read as follows:
         (a)  The fee for the issuance or renewal of a license under
  this chapter consists of:
               (1)  [is] the amount of the fee set by the board under
  Section 901.154;
               (2)  [together with] the fee increase imposed under
  Section 901.406; and
               (3)  an additional $10 annual fee to be deposited to the
  credit of the scholarship trust fund for fifth-year accounting
  students.
         SECTION 2.  Subsection (b), Section 901.155, Occupations
  Code, as amended by Chapter 119 (H.B. 2440), Acts of the 81st
  Legislature, Regular Session, 2009, is reenacted to read as
  follows:
         (b)  The scholarship trust fund for fifth-year accounting
  students is held by the board outside the state treasury and may be
  used only to:
               (1)  provide scholarships under Subchapter N to
  accounting students in the fifth year of a program designed to
  qualify each student to apply for certification as a certified
  public accountant; and
               (2)  pay administrative costs under Subsection (c).
         SECTION 3.  Subsection (c), Section 901.155, Occupations
  Code, is amended to read as follows:
         (c)  The administrative costs incurred to collect the fee
  imposed under Subsection (a)(3) [(a)] and to disburse the money may
  not exceed 10 percent of the total money collected.
         SECTION 4.  The scholarship trust fund for fifth-year
  accounting students is re-created by this Act as a trust fund held
  outside the state treasury by the Texas State Board of Public
  Accountancy.  The revenue dedicated to the trust fund as provided by
  Chapter 119 (H.B. 2440), Acts of the 81st Legislature, Regular
  Session, 2009, is rededicated by this Act for the purposes
  specified by Subchapter N, Chapter 901, Occupations Code, as
  amended by that Act.
         SECTION 5.  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, 2011.
 
 
 
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
         I hereby certify that S.B. No. 777 passed the Senate on
  March 22, 2011, by the following vote:  Yeas 30, Nays 0.
 
 
  ______________________________
  Secretary of the Senate    
 
         I hereby certify that S.B. No. 777 passed the House on
  April 26, 2011, by the following vote:  Yeas 144, Nays 3, three
  present not voting.
 
 
  ______________________________
  Chief Clerk of the House   
 
 
 
  Approved:
 
  ______________________________ 
              Date
 
 
  ______________________________ 
            Governor