Sec. 119.007. EXEMPTION FROM SECURITIES LAWS. A deposit account, certificate, or other evidence of an interest in the deposit liability of a savings bank or federal savings bank is not considered a security under The Securities Act (Title 12, Government Code). A security of these savings banks, other than an interest in the deposit liability of a savings bank, is not subject to the registration requirements of that Act. A person whose principal occupation is being an officer of a savings bank is exempt from the registration and licensing provisions of that Act with respect to that person's participation in a sale or other transaction involving securities of the savings bank of which the person is an officer.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.13, eff. January 1, 2022.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 119 - Miscellaneous Provisions Applicable to Savings Banks
Subchapter A. General Miscellaneous Provisions
Section 119.001. Applicability of Chapter 4, Business & Commerce Code
Section 119.002. Applicability of Savings and Loan Laws to Savings Banks
Section 119.003. Acknowledgment or Proof Taken by Member, Stockholder, or Employee of Savings Bank
Section 119.004. Rendition of Certain Personal Property for Ad Valorem Taxation
Section 119.005. State Taxation of Savings Banks
Section 119.006. Initiation of Rulemaking by Savings Banks