The Securities Act (Title 12, Government Code) does not apply to:
- (1) a note, bond, or other evidence of indebtedness issued by a telephone cooperative doing business in this state to the United States;
- (2) an instrument executed to secure a debt of a telephone cooperative to the United States; or
- (3) the issuance of a membership certificate by a telephone cooperative or a foreign corporation doing business in this state under this chapter.
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.43, eff. January 1, 2022.