Sec. 901.155. SCHOLARSHIP TRUST FUND FOR FIFTH-YEAR ACCOUNTING STUDENTS.

(a) The fee for the issuance or renewal of a license under this chapter consists of:

(1) the amount of the fee set by the board under Section 901.154; and

(2) an additional $10 annual fee to be deposited to the credit of the scholarship trust fund for fifth-year accounting students.

(b) The scholarship trust fund for fifth-year accounting students is held by the board outside the state treasury and may be used only to:

(1) provide scholarships under Subchapter N to accounting students in the fifth year of a program designed to qualify each student to apply for certification as a certified public accountant; and

(2) pay administrative costs under Subsection (c).

(c) The administrative costs incurred to collect the fee imposed under Subsection (a)(2) and to disburse the money may not exceed 10 percent of the total money collected.

(d) Notwithstanding Section 404.071, Government Code, interest earned on amounts in the scholarship trust fund for fifth-year accounting students shall be credited to that fund.

Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999.

Amended by:

Acts 2009, 81st Leg., R.S., Ch. 119 (H.B. 2440), Sec. 1, eff. September 1, 2009.

Acts 2011, 82nd Leg., R.S., Ch. 33 (S.B. 777), Sec. 1, eff. May 9, 2011.

Acts 2011, 82nd Leg., R.S., Ch. 33 (S.B. 777), Sec. 2, eff. May 9, 2011.

Acts 2011, 82nd Leg., R.S., Ch. 33 (S.B. 777), Sec. 3, eff. May 9, 2011.

Acts 2015, 84th Leg., R.S., Ch. 448 (H.B. 7), Sec. 31(f), eff. September 1, 2015.