Tex. Fin. Code § 119.007
Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
A deposit account, certificate, or other evidence of an interest in the deposit liability of a savings bank or federal savings bank is not considered a security under The Securities Act (Title 12, Government Code) . A security of these savings banks, other than an interest in the deposit liability of a savings bank, is not subject to the registration requirements of that Act. A person whose principal occupation is being an officer of a savings bank is exempt from the registration and licensing provisions of that Act with respect to that person's participation in a sale or other transaction involving securities of the savings bank of which the person is an officer.
Tex. Fin. Code § 119.007