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Current as of January 01, 2024 | Updated by Findlaw Staff
The exemption provided by Section 4005.001 applies to the disposition of a security or membership:
(1) issued by a corporation or association:
(A) that is organized exclusively for a religious, educational, benevolent, fraternal, charitable, or reformatory purpose;
(B) that is not organized for pecuniary profit; and
(C) for which no part of the net earnings inures to the benefit of any stockholder, shareholder, or individual member of the corporation or association; and
(2) for which no commission or remuneration is paid or given or is to be paid or given.
Cite this article: FindLaw.com - Texas Government Code - GOV'T § 4005.015. Nonprofits - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-4005-015/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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