| (a) The Board may determine to act in place of the
Securities Commissioner in ruling on a Motion for Rehearing filed
by a party in a contested case. The decision to take such action is
within the sound discretion of the Board and is not mandated by any
request or motion.
(b) Upon receipt of a timely filed Motion for Rehearing
in a contested case, the Commissioner shall provide a copy of the
Motion to each member of the Board. Thereafter, the Commissioner shall
provide to each member of the Board any response filed by a party
to the proceeding in support of, or opposition to, the Motion for
Rehearing.
(c) If requested by a member of the Board, a meeting
of the Board shall be held for the purpose of determining whether
the Board should act in place of the Commissioner in ruling on the
Motion for Rehearing and, if so, whether the order of the Commissioner
should be vacated or modified or a new hearing should be held. The
meeting and all deliberations by the Board on the Motion for Rehearing
shall be conducted in accordance with the Texas Open Meetings Act.
(d) The Board may change a finding of fact or conclusion
of law, or vacate or modify an order only as permitted by the APA.
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