(a) It is the purpose of this subchapter to provide:
(1) a procedure for certain financing that is an alternative to the more cumbersome procedure under Chapter 252 or 262; and
(2) a new class of securities to be issued and delivered within the financial capabilities of an issuer on compliance with the procedures prescribed by this subchapter.
(b) If there is a conflict between a provision of this subchapter and a provision of Chapter 252 or 262, an issuer may use either provision, and it is not necessary for the governing body to designate the law under which action is being taken.