Texas Finance Code - Section 31.007. Exemption Of Bank Directors And Personnel From Securities Law
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Texas Lawyer > Finance Code > Texas Finance Code - Section 31.007. Exemption Of Bank Directors And Personnel From Securities Law
§ 31.007. EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM
SECURITIES LAW. (a) An officer, director, manager, managing
participant, or employee of a bank that has its main office or a
branch located in this state with fewer than 500 shareholders or
participants or of a bank holding company with fewer than 500
shareholders or participants that controls a bank that has its main
office or a branch located in this state is exempt from the
registration and licensing provisions of The Securities Act
(Article 581-1 et seq., Vernon's Texas Civil Statutes) with respect
to that person's participation in a transaction, including a sale,
involving securities issued by:
(1) the bank or bank holding company of which that
person is an officer, director, manager, managing participant, or
employee;
(2) a bank holding company that controls the bank of
which that person is an officer, director, manager, managing
participant, or employee; or
(3) a bank controlled by the bank holding company of
which that person is an officer, director, manager, managing
participant, or employee.
(b) A person may not be compensated for services performed
under the exemption provided by this section.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 344, § 2.004, eff. Sept. 1, 1999.
Section: 15.415 31.001 31.002 31.003 31.004 31.005 31.006 31.007 31.101 31.102 31.103 31.104 31.105 31.106 31.107
Last modified: August 10, 2007
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