Tex. Finance Code § 31.007
EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 31.007, EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645017
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Full text
(a) An officer, director, or employee of a bank that has its main office or a branch located in this state with fewer than 500 shareholders or of a bank holding company with fewer than 500 shareholders 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 (Title 12, Government Code) 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, or employee;
(2) a bank holding company that controls the bank of which that person is an officer, director, or employee; or
(3) a bank controlled by the bank holding company of which that person is an officer, director, or employee.
(b) A person may not be compensated for services performed under the exemption provided by this section.