Sec. 162.063. EXEMPTION FROM APPLICATION OF SECURITIES ACT

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The Securities Act (Article 581-1 et seq., Vernon's Texas Civil Statutes) does not apply to:
(1) a note, bond, or other evidence of indebtedness issued by a telephone cooperative doing business in this state to the United States;
(2) an instrument executed to secure a debt of a telephone cooperative to the United States; or
(3) the issuance of a membership certificate by a telephone cooperative or a foreign corporation doing business in this state under this chapter.

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.

                    
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