Sec. 89.005. EXEMPTION FROM SECURITIES LAWS. A savings account, certificate, or other evidence of an interest in the savings liability of an association or federal association is not considered a security under The Securities Act (Title 12, Government Code). A security of these associations, other than an interest in the savings liability of an association, is not subject to the registration requirements of that act. A person whose principal occupation is being an officer of an association 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 association 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. 2.12, eff. January 1, 2022.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle B - Savings and Loan Associations
Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations
Subchapter A. General Miscellaneous Provisions
Section 89.001. Applicability of Chapter 4, Business & Commerce Code
Section 89.002. Acknowledgment or Proof Taken by Member, Stockholder, or Employee of Association
Section 89.003. Rendition of Certain Personal Property for Ad Valorem Taxation
Section 89.004. Initiation of Rulemaking by Associations