1. (a) Industrial development bonds must be registered with the State Securities Board under §7.A and §10 of the Securities Act before they may be sold in the state, unless an exemption from registration exists under §135.4 of this title (relating to Exemptions from Registration Requirements). Such industrial development bonds may be sold only through dealers, agents, or salesmen registered to sell such securities in Texas, unless exempt under § 135.4 of this title (relating to Exemptions from Registration Requirements).
2. (b) Nothing in this chapter shall be construed to require registration with the State Securities Board of any municipal or governmental securities other than industrial development bonds. Nothing in this chapter requires an elected or appointed officer of a political subdivision to be registered as a securities dealer or salesman unless the officer is directly engaged in selling securities required to be registered under this chapter.
3. (c) The legislature having declared it to be the policy of this state that industrial development bonds such as those sold under the Development Corporation Act of 1979 are subject to the registration provisions of the Securities Act, similar industrial development bonds of other states also will be required to be registered under the Securities Act before they may be sold in Texas unless they are exempt under §135.4 of this title (relating to Exemptions from Registration Requirements). Such industrial development bonds will not be exempt from registration under section 5.M of the Securities Act.

Source Note:The provisions of this §135.3 adopted to be effective October 22, 1979, 4 TexReg 3722.