Exenciones en la aprobación de valores públicos en Texas

Sec. 1202.007. EXEMPTIONS; CONSTRUCTION OF EXEMPTIONS. (a) The following are exempt from the approval and registration requirements of this chapter: (1) a public security that is: (A) not subject to mandatory renewal or renewal at the option of any person, including the issuer, a holder, or a bearer; and (B) payable only out of: (i) current revenues or taxes collected in the year the public security is issued; or (ii) the proceeds of other public securities; (2) a certificate in evidence of benefit assessments; (3) a certificate of obligation, including a claim or account that represents an undivided interest in a certificate of obligation, that under Subchapter C, Chapter 271, Local Government Code, an issuer is authorized to deliver to a contractor; (4) a time warrant issued under Chapter 252 or 262, Local Government Code; (5) a public security authorized by Chapter 1371; (6) a lease, lease-purchase, or installment sale obligation, except as provided by other law; (7) a public security that by rule the attorney general exempts because it is not practical to require approval before the public security's issuance; and (8) a nonnegotiable note issued under Section 45.108, Education Code, in a principal amount that does not exceed $1 million. (b) The exemptions provided by Subsection (a) shall be narrowly construed. (c) An issuer that issues a public security that is exempt under Subsection (a) may submit the public security to the attorney general as provided by this chapter.