Texas § 31.007 EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW.

Texas Statutes

§ 31.007 — EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW.

Texas § 31.007

Code FIFinance Code

This text of Texas § 31.007 (EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 31.007 (2026).

Text

Sec. 31.007. EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW.

(a)An officer, director, or employee of a bank that has its main office or a branch located in this state with fewer than 500 shareholders or of a bank holding company with fewer than 500 shareholders that controls a bank that has its main office or a branch located in this state is exempt from the registration and licensing provisions of The Securities Act (Title 12, Government Code) with respect to that person's participation in a transaction, including a sale, involving securities issued by:

(1)the bank or bank holding company of which that person is an officer, director, or employee;

(2)a bank holding company that controls the bank of which that person is an officer, director, or employee; or

(3)a bank cont

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Sec. 31.007. EXEMPTION OF BANK DIRECTORS AND PERSONNEL FROM SECURITIES LAW. (a) An officer, director, or employee of a bank that has its main office or a branch located in this state with fewer than 500 shareholders or of a bank holding company with fewer than 500 shareholders that controls a bank that has its main office or a branch located in this state is exempt from the registration and licensing provisions of The Securities Act (Title 12, Government Code) with respect to that person's participation in a transaction, including a sale, involving securities issued by:
(1) the bank or bank holding company of which that person is an officer, director, or employee;
(2) a bank holding company that controls the bank of which that person is an officer, director, or employee; or
(3) a bank controlled by the bank holding company of which that person is an officer, director, or employee.
(b) A person may not be compensated for services performed under the exemption provided by this section.
SUBCHAPTER B. REGULATION OF BANKING BY BANKING COMMISSIONER

Legislative History

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 344, Sec. 2.004, eff. Sept. 1, 1999. Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962 ), Sec. 4, eff. September 1, 2007. Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171 ), Sec. 2.11, eff. January 1, 2022.