Sec. 423.101. DEFINITION

Latest version.

In this subchapter, "clearing corporation" means:
(1) a clearing corporation as defined by Section 8.102(a), Business & Commerce Code; or
(2) a clearance system that:
(A) is organized or operating under the laws of at least one foreign country;
(B) provides for book-entry settlement and custody of internationally traded securities; and
(C) has been organized and in operation for not less than 15 consecutive years.

Added by Acts 2005, 79th Leg., Ch. 727 , Sec. 1, eff. April 1, 2007.

                    
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