The Securities Act (Title 12, Government Code) does not apply to:

1. (1) an obligation issued to secure a debt of an electric cooperative to the United States; or
2. (2) the issuance of a membership certificate by an electric cooperative.

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.

Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.42, eff. January 1, 2022.