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A BILL TO BE ENTITLED
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AN ACT
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relating to abandonment of shares of a mutual fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 72, Property Code, is |
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amended by adding Section 72.1011 to read as follows: |
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Sec. 72.1011. SHARES OF MUTUAL FUND. The three-year period |
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established by Section 72.101 with respect to the abandonment of |
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shares in a mutual fund begins on the later of the date of: |
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(1) the last investment in the mutual fund made by or |
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on behalf of the owner; or |
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(2) the last payment to the owner or reinvestment by or |
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on behalf of the owner of a dividend from the mutual fund. |
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SECTION 2. 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, 2017. |