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: 478
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Ch. 170 58TH LEGISLATURE--REGULAR SESSION
"G. If an unincorporated association or organization under the laws
of any other state, territory or government, or having its principal place
of business therein, a copy of its Articles of Association, Trust Agreement
or other form of organization.
"H. It shall be the duty of the Commissioner to prepare a proper
form to be used by the applicant under the terms of this Section, and the
Commissioner shall furnish copies thereof to all persons desiring to make
application to be registered as a dealer."
Sec. 10. Section 14 of the Securities Act, Acts, 1957, Fifty-fifth Legis-
lature, Chapter 269, is hereby amended by adding thereto a new Subsection
G4 to read as follows:
"G. Has not complied with a condition imposed by the Commissioner
under Section 13-D. Provided, however, that this Subsection G shall not
apply to any person or company registered as a dealer or salesman on the
effective date of this Subsection G."
Sec. 11. Section 29 of the Securities Act, Acts, 1957, Fifty-fifth Legis-
lature, Chapter 269, as amended, is hereby amended by repealing Sub-
section G thereof 5 in its entirety.
Sec. 12. Section 33 of the Securities Act, Acts, 1957, Fifty-fifth Legis-
lature, Chapter 269,6 is hereby amended so as to read as follows:
"Section 33. Civil Liabilities
"A. Any person who
"(1) Offers or sells a security in violation of Sections 7, 9 (or any
requirement of the Commissioner thereunder), 12, 23B or any order under
23A of this Act, or
"(2) Offers or sells a security (whether or not the security or trans-
action is exempt under Section 5 or 6 of this Act) by means of any untrue
statement of a material fact or any omission to state a material fact neces-
sary in order to make the statements made not misleading (when the
person buying the security does not know of the untruth or omission,
and who in the exercise of reasonable care could not have known of the
untruth or omission) is liable to the person buying the security from
him, who may sue either at law or in equity to recover the consideration
paid for the security, together with interest at six per cent (6%) per
year from the date of payment, less the amount of any income received on
the security upon the tender of the security, or for damages if he no
longer owns the security. Damages are the amount that would be recover-
able upon a tender less (a) the value of the security when the buyer dis-
posed of it and (b) interest at six per cent (6%) per year on such value
from the date of disposition. Nothing herein shall prevent the award of
punitive or exemplary damages in an amount not to exceed twice the actual
damages, as found by the jury, when such false representation or omission
is proven to be willfully made.
"B. Every cause of action under this Act survives the death of any
person who might have been a plaintiff or defendant.
"C. No person may sue under Subsection A(1) of this Section 33
more than three (3) years after the contract of sale. No person may sue
under said Subsection A(1) if the buyer received a written offer accom-
panied by reasonable financial information before suit and at a time
when he owned the security, to refund the consideration paid together
with interest at six per cent (6%) per year from the date of payment,
less the amount of any income received on the security, and he failed to
accept the offer within thirty (30) days of its receipt; or if the buyer
received such an offer in the amount specified above less the value of the
4. Vernon's Ann.Civ.St. art. 581-14, sub- 5. Vernon's Ann.Civ.St. art. 581-29, sub-
sec. G. sec. G.
6. Vernon's Ann.Civ.St. art. 681-33
478
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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/m1/814/?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.