Sec. 161.063.  EXEMPTION FROM APPLICATION OF SECURITIES ACT.  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.
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.
Amended by: 
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.42, eff. January 1, 2022.