The Laws of Texas, 1929-1931 [Volume 27] Page: 462 of 1,943
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16 GENERAL LAWS.
Article of the Statute hereby amended, creates an emergency
and an imperative public necessity that the Constitutional Rule
requiring Bills to be read on three several days in each House be
suspended and said Rule is hereby suspended and this Act shall
take effect and be in force from and after its passage, and it is
so enacted.
Approved March 10, 1931.
Effective March 10, 1931.
[NOTE: S. B. No. 48 passed the Senate by a vote of 27 yeas,
0 nays; passed the House by a vote of 107 yeas, 6 nays.
REGULATING LOAN OF STATE BANK TRUST FUNDS.
S. B. No. 49.] CHAPTER 16.
An Act to prevent the loan of Trust funds by a State bank, State Bank
and Trust Company, or other corporation doing a Trust business, to
any Director, Officer or employee thereof, and to provide a penalty
therefor; and declaring an emergenc.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That it shall be unlawful for any Officer, Director
or employee of any State bank, State Bank and Trust Company,
or other corporation doing a Trust business, to loan any Trust
funds under the control of said State bank, State Bank and Trust
Company, or other corporation doing a Trust business, to any
Director, Officer or employee of any such State bank, State
Bank and Trust Company, or other corporation doing a Trust
business, and any Director, Officer or employee knowingly violating
this Act shall be guilty of a felony and shall be punished by
confinement in the penitentiary for a period of not less than two,
nor more than ten years.
SEC. 2. The fact that there is no adequate Law forbidding the
loan of Trust funds by State banks, State Bank and Trust Companies,
and other corporations doing a Trust business, to the
Directors, Officers or employees thereof, creates an emergency
and an imperative public necessity that the Constitutional Rule
requiring bills to be read on three several days in each House be
suspended and said Rule is hereby suspended and this Act shall
take effect and be in force from and after its passage, and it is
so enacted.
Approved March 10, 1931.
Effective March 10, 1931.
[NOTE: S. B. No. 49 passed the Senate by a vote of 28 yeas,
0 nays; passed the House by a vote of 107 yeas, 0 nays.]
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth16362/m1/462/: accessed April 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .