Texas Business & Commerce Code - Section 38.107. Security
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§ 38.107. SECURITY. (a) A registration statement filed
under this chapter must be accompanied by:
(1) a bond executed by a corporate surety approved by
the secretary of state and licensed to do business in this state;
(2) an irrevocable letter of credit issued for the
benefit of the registrant by a supervised financial institution
whose deposits are insured by an agency of the federal government;
or
(3) a certificate of deposit in a supervised financial
institution whose deposits are insured by an agency of the federal
government, the principal of which may be withdrawn only on the
order of the secretary of state.
(b) The bond, letter of credit, or certificate of deposit
must be:
(1) in the amount of $10,000; and
(2) conditioned on the seller's compliance with this
chapter.
Added by Acts 1997, 75th Leg., ch. 1008, § 2, eff. Sept. 1, 1997.
Section: 38.061 38.101 38.102 38.103 38.104 38.105 38.106 38.107 38.108 38.151 38.152 38.153 38.201 38.202 38.203
Last modified: August 10, 2007
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