Texas Finance Code 273.004 – Exemption From Securities Act
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(a) A security issued by the corporation under this chapter is not considered a “security” under The Securities Act (Title 12, Government Code).
(b) A person authorized by and acting on behalf of the corporation is exempt from the registration and licensing provisions of The Securities Act (Title 12, Government Code) with respect to that person’s participation in a sale or other transaction involving a security of the corporation.
Terms Used In Texas Finance Code 273.004
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005