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A BILL TO BE ENTITLED
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AN ACT
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relating to requiring the Employees Retirement System of Texas and |
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the Teacher Retirement System of Texas to vote in favor of certain |
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shareholder resolutions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter F, Chapter 815, Government Code, is |
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amended by adding Section 815.516 to read as follows: |
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Sec. 815.516. SHAREHOLDER RESOLUTIONS RELATING TO |
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DISCLOSING CERTAIN POLITICAL ACTIVITY. If the shareholders of a |
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company in which the retirement system holds a security interest |
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consider a shareholder resolution regarding whether the company |
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should disclose to shareholders the use of company resources for |
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political activities, including company spending on political |
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contributions, the retirement system, including any person with |
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authority to vote on behalf of the system, shall vote the system's |
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interest in favor of the disclosure. |
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SECTION 2. Subchapter F, Chapter 825, Government Code, is |
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amended by adding Section 825.521 to read as follows: |
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Sec. 825.521. SHAREHOLDER RESOLUTIONS RELATING TO |
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DISCLOSING CERTAIN POLITICAL ACTIVITY. If the shareholders of a |
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company in which the retirement system holds a security interest |
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consider a shareholder resolution regarding whether the company |
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should disclose to shareholders the use of company resources for |
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political activities, including company spending on political |
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contributions, the retirement system, including any person with |
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authority to vote on behalf of the system, shall vote the system's |
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interest in favor of the disclosure. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |