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Texas Government Code - GOV'T § 4003.006. Examination of and Determination on Permit Application

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 4003.006. Examination of and Determination on Permit Application - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-4003-006/

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