Texas Finance Code - FIN § 31.007. Exemption of Bank Directors and Personnel from Securities Law

(a) An officer, director, or employee of a bank that has its main office or a branch located in this state with fewer than 500 shareholders or of a bank holding company with fewer than 500 shareholders that controls a bank that has its main office or a branch located in this state 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 transaction, including a sale, involving securities issued by:

(b) A person may not be compensated for services performed under the exemption provided by this section.