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: 481
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SECURITIES ACT
shall list all current liabilities, that is, all liabilities which will mature and
become due within one year from the date of such application, and shall
list separately from such current liabilities, all other liabilities, contingent
or otherwise, showing the amount of those which are secured by mortgage
or otherwise, the assets of the issuer which are subject to such mortgage,
and the dates of maturity of any such mortgage indebtedness. Such ap-
plication shall also include a detailed profit and loss statement, prepared
in accordance with generally accepted auditing standards and procedures
and generally accepted accounting principles, which shall cover the last
three (3) years' operations of the issuer, if such issuer has been in opera-
tion for three (3) years, but if not, said profit and loss statement shall
cover the time that said issuer has been operating. If said issuer has not
been operating, but is taking over a concern of any kind which has been
previously operating, then a financial and profit and loss statement show-
ing the operations of the concern thus taken over for a period of the
last three (3) years next preceding the taking over of said concern shall
be included in said statement; said profit and loss statement shall clearly
reflect the amount of net profit or net loss incurred during each of the years
shown."
Sec. 13. If any Section or any part of this Act shall be held to be
invalid, such invalidity shall not affect the remaining portions thereof, it
being the express intention of the Legislature to enact such Act without
respect to such Section or part so held to be invalid.
Sec. 14. Prior law exclusively governs all suits, actions, proceedings,
rights, liabilities and causes of action which are pending or accrue before
the effective date of this Act; and same shall continue and remain in full
force and effect until terminated as under the law now in force.
Sec. 15. The fact that the Securities Act has now been in effect for
more than five (5) years and that, as it has been used, there have been
noted certain areas in which it can be improved and certain clarifications
and omissions which can be supplied so as to make the Act more effective
to promote the general economy of this State by regulating the securities
markets to the public advantage make it urgent that the amendments to
the Securities Act contained in this Bill be enacted and made effective as
promptly as possible. These facts create an emergency and an imperative
public necessity that the Constitutional Rule requiring bills to be read on
three several days in each House be suspended, and this Rule is hereby
suspended, and that this Act take effect and be in force from and after its
passage, and it is so enacted.
Passed the House, February 26, 1963, by non-record vote; House re-
fused to concur in Senate amendments, April 16, 1963, and requested
appointment of a Conference Committee to consider differences be-
tween two Houses; House adopted Conference Committee Report,
May 1, 1963, by non-record vote; passed the Senate, with amend-
ments, April 4, 1963, by a viva-voce vote; at request of House, Sen-
ate appointed a Conference Committee to consider differences be-
tween two Houses; and Senate adopted Conference Committee Re-
port, May 2, 1963: Yeas 27, Nays 0.
Approved May 17, 1963.
Effective 90 days after May 24, 1963, date of adjournment.481
Ch. 17G
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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/m1/817/?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.