Tex. Gov't Code § 4003.006 · Subchapter A. PERMIT QUALIFYING SECURITIES FOR SALE
EXAMINATION OF AND DETERMINATION ON PERMIT APPLICATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On the filing of an application for a permit qualifying securities for sale under this subchapter, the commissioner shall examine the application and the papers and documents filed with the application.
(b) After the examination, the commissioner shall:
(1) issue a permit to the applicant authorizing the applicant to issue and dispose of the securities if the commissioner determines that:
(A) the applicant's proposed plan of business appears to be fair, just, and equitable;
(B) any consideration paid or to be paid by promoters for the securities is fair, just, and equitable if that consideration is less than the proposed offering price to the public; and
(C) the securities the applicant proposes to issue and the methods to be used by the applicant in issuing and disposing of the securities will not work a fraud upon the purchaser of the securities; or
(2) deny the application for a permit and notify the applicant in writing of the commissioner's decision if the commissioner determines that the applicant's proposed plan of business appears to be unfair, unjust, or inequitable.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.4003.htm
- Text hash
- sha256 f9f7366fe9c22f90cc232fe7feb3c9d4370ab565976c0a7dd5f3b4a73f86504e
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
Provisions in this library whose text cites Tex. Gov't Code § 4003.006. Each shows the citation as that text prints it.
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