Texas Finance Code - Section 149.002. Exemption From Securities Laws
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§ 149.002. EXEMPTION FROM SECURITIES LAWS. (a) Except as
required by this subtitle, a credit union authorized to do business
under this subtitle or the Federal Credit Union Act (12 U.S.C.
Section 1751 et seq.) and an officer, employee, or agent of the
credit union engaged in selling, issuing, or offering a security
issued by a state or federal credit union are exempt from a law of
this state to the extent the law provides for supervision,
registration, or regulation in connection with selling, issuing, or
offering a security.
(b) The sale, issuance, or offering of a security issued by
a state or federal credit union is legal without any action or
approval by any official, other than the credit union commissioner,
who is authorized to license, regulate, or supervise the sale,
issuance, or offering of securities.
(c) In this section, "security" has the meaning assigned by
Section 4, The Securities Act (Article 581-4, Vernon's Texas Civil
Statutes).
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 126.453 126.454 126.455 126.456 126.457 126.458 149.001 149.002 151.001 151.002 151.003 151.101 151.102 151.103 151.104
Last modified: August 10, 2007
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