March 15, 2003

HOUSE FLOOR AMENDMENT number ___1__ to SENATE BILL 779, as amended

Amendment sponsored by Representative John A. Heaton

1. Strike Senate Corporations and Transportation Committee Amendment 8.

2. On page 1, line 12, before the period insert "; DECLARING AN EMERGENCY.".

3. On page 5, line 8, strike the period and insert in lieu thereof the following:

"; provided, however, that nothing in this subsection prohibits the ownership of more than fifty-one percent of the total investment capital in a New Mexico business if the additional ownership interest:

(a) is due to foreclosure or other action by the state investment officer pursuant to agreements with the business or other investors in that business;

(b) is necessary to protect the investment; and

(c) does not require an additional investment of the severance tax permanent fund.".

4. On page 6, between lines 22 and 23, insert the following new section to read:

"Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.".

_______________________________

John A. Heaton

Adopted ___________________ Not Adopted ________________________

 (Chief Clerk) (Chief Clerk)

Date _________________