Law:Title 15. Currency And Trade (Texas)

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Subtitle A. Currency

Contents

Chapter 661. European Union Currency Conversion

Section 661.001.  Definitions.

In this chapter:

(1)  "Euro" means the currency of the member states of the European Community, as amended by the Treaty on European Union.  The term is abbreviated as EUR.

(2)  "European currency unit" means the currency basket periodically used as the unit of account of the European Community, as defined by Regulation No. 3320/94 of the Council of the European Union and as referred to in Article 109g of the treaty establishing the European Community, as amended by the Treaty on European Union.  The term is abbreviated as ECU.

(3)  "Introduction of the euro" means the periodic implementation of economic and monetary union in member states of the European Union in accordance with the Treaty on European Union.

(4)  "Treaty on European Union" means the Treaty on European Union of February 7, 1992.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 661.002.  Applicability Of Chapter.

This chapter applies to each contract, security, and instrument, including a commercial contract, governed by the laws of this state.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 661.003.  Conflicts Of Law.

This chapter prevails to the extent of any conflict between this chapter and any other law of this state.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 661.004.  No Negative Inference Or Presumption Created.

With respect to currency alteration other than the introduction of the euro, this chapter does not create any negative inference or negative presumption regarding the validity or enforceability of a contract, security, or instrument denominated wholly or partly in a currency affected by the alteration.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 661.005.  Continuity Of Contract.

(a) If a subject or medium of payment of a contract, security, or instrument is the European currency unit or a currency that has been substituted or replaced by the euro, the euro is a commercially reasonable substitute and substantial equivalent that may be:

(1)  used in determining the value of the European currency unit or currency, as appropriate; or

(2)  tendered, in each case, at the conversion rate specified in, and otherwise computed in accordance with, the regulations adopted by the Council of the European Union.

(b)  A person may perform any obligation described by Subsection (a) in euros or in the currency or currencies originally designated in the contract, security, or instrument if that currency or those currencies remain legal tender, but the person may not perform the obligation in any other currency, regardless of whether that other currency:

(1)  has been substituted or replaced by the euro; or

(2)  is considered a denomination of the euro and has a fixed conversion rate with respect to the euro.

(c)  The following occurrences are not considered a discharge of, do not excuse performance under, and do not give a party the right to unilaterally alter or terminate a contract, security, or instrument:

(1)  the introduction of the euro;

(2)  the tender of euros in connection with any obligation described by Subsection (a);

(3)  the determination of the value of any obligation described by Subsection (a); or

(4)  the computation or determination of the subject or medium of payment of a contract, security, or instrument with reference to an interest rate or any other basis that has been substituted or replaced because of the introduction of the euro and that is a commercially reasonable substitute and substantial equivalent.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 661.006.  Effect On Certain Agreements.

This chapter does not alter or impair an agreement between parties that specifically relates to the introduction of the euro.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.

Chapter 671. City Of Laredo Port Of Entry Authority

Subchapter A. General Provisions

Section 671.001.  Definitions.

In this chapter:

(1)  "Authority" means the City of Laredo Port of Entry Authority created under this chapter.

(2)  "Board" means the governing board of the authority.

(3)  "City" means the city of Laredo.

(4)  "Governing body" means the governing body of the city.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.002.  Creation Of Authority.

The city by ordinance may create the City of Laredo Port of Entry Authority for the purposes provided by this chapter.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.003.  Authority Jurisdiction.

The authority's jurisdiction is coextensive with the area within the boundaries and extraterritorial jurisdiction of the city.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Subchapter B. Governing Board

Section 671.051.  Composition Of Board.

(a) The authority is governed by a board of 11 members appointed by the governing body.

(b)  Nine members are voting members who must reside in the authority and two members are nonvoting members who must reside in Mexico.

(c)  The voting board members must include:

(1)  one representative of United States customs brokers;

(2)  one representative of freight forwarders;

(3)  one representative of the transportation industry;

(4)  one international banker; and

(5)  one representative of a maquiladora project.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.052.  Board Terms; Vacancy.

(a) Board members serve staggered two-year terms, with the terms of five members expiring February 1 of each odd-numbered year and the terms of six members expiring February 1 of each even-numbered year.

(b)  A vacancy that occurs more than 60 days before the expiration date of a term shall be promptly filled for the unexpired term by the appointment of a member who has the same qualifications as the member creating the vacancy.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.053.  Officers.

The board shall select from among the board's voting members a presiding officer, an assistant presiding officer, a treasurer, and any other officers that the board considers appropriate.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.054.  Removal.

After a hearing, a board member may be removed for cause by a two-thirds vote of the membership of the governing body.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.055.  Compensation; Reimbursement.

A board member serves without compensation but is entitled to reimbursement for necessary expenses incurred in the performance of duties as a member.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Subchapter C. Powers And Duties

Section 671.101.  Fees.

The authority shall establish and collect rentals, tolls, and other appropriate fees:

(1)  from an operator of a commercial vehicle entering the authority by an international bridge; and

(2)  for the use of any other facility designated by the city.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.102.  Use Of Money.

The authority may use the money collected under this chapter as the board determines appropriate only for the development and promotion of international trade.  The authority must obtain the approval of the governing body before any expenditure of money.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.103.  Effect Of Authority Action; City Approval.

(a) Not later than the 15th day after the date on which the authority or the board acts, the city may approve or disapprove the action.

(b)  If the city disapproves an action under Subsection (a), the action has no effect.  If the city does not disapprove the action, the action becomes effective on the earlier of:

(1)  the date on which the city approves the action; or

(2)  the 15th day after the date on which the authority or board acted.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.104.  Ad Valorem Taxes And Bonds Prohibited.

The authority may not:

(1)  impose an ad valorem tax; or

(2)  issue bonds.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.105.  Depository; Order To Disburse.

(a) The treasurer of the authority shall deposit money collected by the authority in a separate account in a bank or trust company.

(b)  Money of the authority may be paid out on the warrant or other order of the presiding officer of the board or another person designated by the authority.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.



Section 671.106.  Audit.

(a) At least once a year, the authority shall have a certified public accountant conduct an audit of the authority's books, accounts, and other records.  A copy of the audit shall be delivered to the city.

(b)  If the authority does not have the required audit conducted, an auditor or accountant designated by the city may examine, at the expense of the authority, the accounts and books of the authority, including receipts, disbursements, contracts, leases, investments, and other matters relating to the authority's finances, operation, and affairs.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.


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