AUTHORIZING QUASI-PUBLIC CORPORATIONS TO EXTEND TERM OF EXISTENCE

Senate Constitutional Amendment 22. Amends Section 7, Article XII, of Constitution. Authorizes any quasi-public corporation to extend its term of existence, prior to expiration thereof, for not exceeding fifty years from date of extension, by vote or written consent of stockholders representing two-thirds of its stock or of two-thirds of its members; extension of any corporation\u27s term not to extend term of any franchise previously held, owned or controlled by it; requires public utility corporation first obtain written consent of Railroad Commission or body having jurisdiction over issuance of its securities