General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature Page: 476
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Ch. 170 58TH LEGISLATURE--REGULAR SESSION
Best's Life Insurance Reports, and such other nationally distributed man-
uals of securities as may be approved for use hereunder by the Commis-
sioner.
"The Commissioner may issue a stop order or by order prohibit, revoke
or suspend the exemption under this Subsection 0 with respect to any
security if he has reasonable cause to believe that the plan of business of
the issuer of such security, the security, or the sale thereof would tend to
work a fraud or deceit upon any purchaser or purchasers thereof, such
order to be subject to review in the manner provided by Section 24 of this
Act. Notice of any court injunction enjoining the sale, or resale, of any
such security, or of an order revoking or suspending the exemption under
this subdivision with respect to any security, shall be delivered or shall be
mailed by certified or registered mail with return receipt requested, to
any dealers believed to be selling, or offering for sale, securities of the
type referred to in the notice; and the prohibitions of (6 )and (7) above
of this Subsection 0 shall be inapplicable to any dealer until he has re-
ceived actual notice from the Commissioner of such revocation or suspen-
sion.
"Except for the manuals published by Moody's Investment Service,
Standard & Poor's Corporation, and Best's Life Insurance Reports, the
Commissioner may for cause shown revoke or suspend the recognition
hereunder of any manuals previously approved by the Commissioner un-
der this Subsection but no such action may be taken by the Commissioner
unless upon notice and opportunity for hearing as provided by Section
24 of this Act. Any interested party aggrieved by any decision of the
Commissioner pursuant to such hearing may appeal to the district court
of Travis County, Texas, in the manner provided by Section 27 of this
Act. A judgment sustaining the Commissioner in the action complained
of shall not bar after one year an application by the plaintiff for approval
of its manual or manuals hereunder, nor shall a judgment in favor of
the plaintiff prevent the Commissioner from thereafter revoking such
recognition for any proper cause which may thereafter accrue or be dis-
covered."
Sec. 6. Section 5 of the Securities Act, Acts, 1957, Fifty-fifth Legis-
lature, Chapter 269, as amended, is hereby amended by adding thereto a
new Subsection R 99 to read as follows:
"R. The sale by the issuer itself, or by a subsidiary of such issuer, of
any securities which would be exempt if sold by a registered dealer under
Section 6 (other than Subsection 6-E) of this Act."
Sec. 7. Section 7 of the Securities Act, Acts, 1957, Fifty-fifth Legis-
lature, Chapter 269, is hereby amended by adding thereto a new Subsection
D 1 to read as follows:
"D. If the fiscal year of the issuer terminated on a date more than
90 days prior to the date of the filing, then the financial statements re-
quired in Subsections A and B of this Section 7, which must be as of
a date not more than 90 days prior to the date of filing, need not be certi-
fied by an independent certified public or independent public accountant
if there are filed in addition thereto financial statements containing the
information required by the applicable subdivision which are certified by
an independent certified public or independent public accountant as of
the end of the preceding fiscal year of the issuer."
99. Vernon's Ann.Civ.St. art. 581-5, sub- 1. Vernon's Ann.Civ.St art. 581-7, sub-
sec. RI. sec. D.
47w
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature, legislative document, 1963; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221759/m1/812/?q=+date%3A1945-1972: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.