Tex. Gov't Code § 4005.052 · Subchapter B. EXEMPT SECURITIES
RAILROADS OR UTILITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
The exemption provided by Section 4005.051 applies to:
(1) a security issued or guaranteed either as to principal, interest, or dividend by a corporation that owns or operates a railroad or any other public service utility if the corporation is subject to regulation or supervision either as to the corporation's rates and charges or as to the issuance of the corporation's own securities by:
(A) the Texas Department of Transportation; or
(B) a public commission, an agency, a board, or officers of:
(i) the government of the United States;
(ii) the District of Columbia, a state, territory, or insular possession of the United States, or a municipal corporation; or
(iii) Canada or a province of Canada; or
(2) equipment trust certificates or equipment notes or bonds:
(A) that are based on chattel mortgages, leases or agreements for conditional sale of cars, motive power or other rolling stock mortgages, leased or sold to or provided for the use of or on a railroad or other public service utility corporation if the corporation is subject to regulation or supervision as described by Subdivision (1); or
(B) for which the ownership or title of the equipment is pledged or retained to secure the payment of the equipment trust certificates, bonds, or notes, in accordance with the laws of:
(i) the United States;
(ii) the District of Columbia or a state, territory, or insular possession of the United States; or
(iii) Canada or a province of Canada.
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.4005.htm
- Text hash
- sha256 a103c8f52d3041802c4eb427b0a62971acc273b37ad2108eabf7aac6867b0577
- 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
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