The Securities Act (Title 12, Government Code) does not apply to:
(1) an obligation issued to secure a debt of an electric cooperative to the United States; or
(2) the issuance of a membership certificate by an electric cooperative.
Tex. Util. Code § 161.063
EXEMPTION FROM APPLICATION OF SECURITIES ACT
Known as the Electric Cooperative Corporation Act
The act spans §§ 161–161 (47 sections).
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.