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 Texas Statutes (Last Updated: January 4, 2014)
 EDUCATION CODE
 Title 3. HIGHER EDUCATION
 Subtitle A. HIGHER EDUCATION IN GENERAL
 Chapter 57. GUARANTEED STUDENT LOANS  
 Subchapter B. ADMINISTRATION  

  Sec. 57.131. RESTRICTIONS ON BOARD APPOINTMENT, MEMBERSHIP, AND EMPLOYMENT    

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  • (a) In this section, "Texas trade association" means a cooperative and voluntarily joined statewide association of business or professional competitors in this state designed to assist its members and its industry or profession in dealing with mutual business or professional problems and in promoting their common interest.

    (b) A person may not be a member of the board and may not be a corporation employee employed in a "bona fide executive, administrative, or professional capacity," as that phrase is used for purposes of establishing an exemption to the overtime provisions of the federal Fair Labor Standards Act of 1938 (29 U.S.C. Section 201 et seq.) if:

    (1) the person is an officer, employee, or paid consultant of a Texas trade association of institutions that originate or hold student loans or a Texas trade association in the field of higher education; or

    (2) the person's spouse is an officer, manager, or paid consultant of a Texas trade association of institutions that originate or hold student loans or a Texas trade association in the field of higher education.

    (c) A person may not be a member of the board or act as the general counsel to the board or the corporation if the person is required to register as a lobbyist under Chapter 305, Government Code, because of the person's activities for compensation on behalf of a profession related to the operation of the corporation.

    (d) A person may not be one of the members of the board required by Section 57.13(b) to have knowledge of or experience in finance if the person is a member of the board of directors or an employee of an eligible lender that participates in the guaranteed student loan program.

    (e) Repealed by Acts 2005, 79th Leg., Ch. 221, Sec. 13(1), eff. September 1, 2005.

Added by Acts 1989, 71st Leg., ch. 985, Sec. 4, eff. Sept. 1, 1989. Amended by: Acts 2005, 79th Leg., Ch. 221 , Sec. 3, eff. September 1, 2005. Acts 2005, 79th Leg., Ch. 221 , Sec. 13(1), eff. September 1, 2005.