The sale, issuance, or offering of any securities of a professional association organized pursuant to Texas Civil Statutes, Article 1528(f), to persons permitted by the provisions of such article to own such securities are hereby exempted from the securities registration and dealer registration requirements of the Act; and the sale, issuance, or offering of any such securities to such persons shall be legal without any action or approval whatsoever on the part of the board or the commissioner.

Source Note: The provisions of this §139.2 adopted to effective April 15, 1980, 5 TexReg 1285.