SB 1903

relating to the composition of the board of directors of the Texas
Permanent School Fund Corporation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1.  Sections 43.053(a) and (c), Education Code, are
(a)  The board of directors is composed of the following 11
(1)  five members of the State Board of Education,
appointed by the board in accordance with board policy;
(2)  the commissioner of the General Land Office;
(3)  one member appointed by the commissioner of the
General Land Office who has substantial background and expertise in
investments and asset management; [and]
(4)  two members appointed by the governor, with the
advice and consent of the senate, each of whom must have substantial
background and expertise in investments and asset management and
may not be members of the State Board of Education or the School
(5)  one member appointed by the lieutenant governor,
with the advice and consent of the senate, who must have substantial
background and expertise in investments and asset management; and
(6)  one member appointed by the speaker of the house of
representatives, with the advice and consent of the senate, who
must have substantial background and expertise in investments and
(c)  Members of the board of directors appointed under
Subsections (a)(3), [and] (4), (5), and (6) serve staggered
six-year terms, with the terms [term] of one or two members [member]
expiring on January 1 of each odd-numbered year.
SECTION 2.  (a) As soon as practicable after the effective
date of this Act, the lieutenant governor and the speaker of the
house of representatives shall appoint the initial directors under
Sections 43.053(a)(5) and (6), Education Code, as added by this
(b)  As soon as practicable after the initial directors have
been appointed under Sections 43.053(a)(5) and (6), Education Code,
as added by this Act, the directors shall draw lots to determine
which director serves a term expiring January 1, 2029, and which
director serves a term expiring January 1, 2031.
SECTION 3.  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, 2025.