Characteristics of Public Security

Sec. 1201.021. CHARACTERISTICS OF PUBLIC SECURITY. A public security may: (1) be issued in any denomination; (2) bear no interest or bear interest at one or more specified rates; (3) be issued with one or more interest coupons or without a coupon; (4) be issued as redeemable before maturity at one or more specified times; and (5) be payable: (A) at one or more times; (B) in installments or a specified amount or amounts; (C) at a specified place or places; (D) under specified terms; and (E) in a specified form or manner. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.