The Laws of Texas, 1937-1939 [Volume 31] Page: 45 of 1,313
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FORTY-FIFTH LEGISLATURE-FIRST CALLED SESSION. 1773
/
EXTENDING TO ALL PRIVATE CORPORATIONS THE
RIGHT TO EXTEND THEIR CHARTERS.
S. B. No. 21.] CHAPTER 14.
An Act to amend Article 1315(a) of the Civil Statutes of Texas so that
the provisions of said Act shall extend to all private corporations
incorporated under the general laws of Texas; and so that the period
of ten (10) years prior to the expiration of the charter or any extension
thereof referred to in Article 1315(a) shall include the period of
time during which such corporaiton may have continued its existence
under the provisions of Article 1389 of the Revised Civil Statutes of
Texas of 1925.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That Article 1315(a) of the Civil Statutes of
Texas be and the same is hereby amended by adding thereto
Article 1315(b) to read as follows:
"Article 1315 (b); The provisions of Article 1315 (a) shall
extend to and include all private corporations incorporated
under the general laws of Texas. The period of ten (10) years
prior to the expiration of the charter or any extension thereof
referred to in Article 1315(a) shall include the period of time
during which such corporation may have continued its existence
under the provisions of Article 1389 of the Revised Civil Statutes
of 1925."
SEC. 2. The fact that it is not clear whether the provisions
of Article 1315(a) of the Civil Statutes of Texas passed in 1937
include all private corporations incorporated under the.general
laws of Texas, or whether the period of ten (10) years prior
to the expiration of the charter or any extension thereof referred
to in Article 1315(a) includes the period of time during which
such corporation may have continued its existence under the
provisions of Article 1389 of the Revised Civil Statutes of Texas,
and the fact that securities of Texas corporations are being
discriminated against because investors have questioned the
validity of any such securities where the maturity date thereof
was subsequent to the expiration date of the charter of the corporation
issuing such securities, and the fact that this operates
as a handicap to the fair and proper financing of Texas corporations
create an emergency and an imperative public necessity
that the Constitutional Rule requiring bills to be read on three
several days, be suspended, and that said Rule be suspended and
that this Act take effect and be in force from and after its passage
and it is so enacted.
[NOTE.-S. B. No. 21 passed the Senate, June 21, 1937, by
a vote of 25 yeas, 1 nay; passed the House, June 23, 1937, by
a vote of 116 yeas, 1 nay.]
Approved July 7, 1937.
Effective July 7, 1937.
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1937-1939 [Volume 31], book, 1939; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth18824/m1/45/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .