Sec. 4002.053. MEMBERSHIP AND EMPLOYEE RESTRICTIONS. (a) In this section, "Texas trade association" means a cooperative and voluntarily joined association of business or professional competitors in this state designed to assist its members and its industry or profession in dealing with mutual business or professional problems and in promoting their common interest.
(b) A person may not be a member of the board or an employee of the board employed in a "bona fide executive, administrative, or professional capacity," as that phrase is used for purposes of establishing an exemption to the overtime provisions of the federal Fair Labor Standards Act of 1938 (29 U.S.C. Section 201 et seq.), if:
(1) the person is an officer, employee, or paid consultant of a Texas trade association in a field regulated by the board; or
(2) the person's spouse is an officer, manager, or paid consultant of a Texas trade association in a field regulated by the board.
(c) A person may not be a member of the board or act as the general counsel to the board if the person is required to register as a lobbyist under Chapter 305 because of the person's activities for compensation on behalf of a profession related to the operation of the board.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
Structure Texas Statutes
Chapter 4002 - State Securities Board and Securities Commissioner
Subchapter B. State Securities Board
Section 4002.051. Appointment of Board
Section 4002.052. Membership Eligibility
Section 4002.053. Membership and Employee Restrictions
Section 4002.054. Terms; Vacancy
Section 4002.055. Presiding Officer