Texas Finance Code - FIN § 273.004. Exemption from Securities Act

(a) A security issued by the corporation under this chapter is not considered a “security” under The Securities Act (Title 12, Government Code).

(b) A person authorized by and acting on behalf of the corporation is exempt from the registration and licensing provisions of The Securities Act (Title 12, Government Code) with respect to that person's participation in a sale or other transaction involving a security of the corporation.