Exemption From Application of Securities Act

Sec. 162.063. EXEMPTION FROM APPLICATION OF SECURITIES ACT. The Securities Act (Title 12, Government Code) does not apply to: (1) a note, bond, or other evidence of indebtedness issued by a telephone cooperative doing business in this state to the United States; (2) an instrument executed to secure a debt of a telephone cooperative to the United States; or (3) the issuance of a membership certificate by a telephone cooperative or a foreign corporation doing business in this state under this chapter. Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997. Amended by: Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.43, eff. January 1, 2022.