Texas Government Code - GOV'T § 4005.012. Private Limited Offerings

(1) the sale of a security by the issuer of the security if the total number of security holders of the issuer does not exceed 35 persons after the sale;  or

(2) the sale by an issuer of the issuer's securities to not more than 15 persons during the 12-month period ending with the date of the sale if the persons purchased the securities for their own account and not for distribution.

(1) a purchaser of a security in a transaction exempt under another provision of this subchapter;

(2) a purchaser of a security exempt under Subchapter B;  and

(3) a purchaser of a security that is part of an offering registered under Subchapter A, B, or C, Chapter 4003.