Texas Attorney General Opinion: V-81 Page: 1 of 4
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OFFICE OF
THE ATTORNEY GENERAL
AUSTrn, TExAs
PRICE DANIEL
ATTORNEY GENERAL March 10, 1947Honorable Paul H. Brown
Secretary of State
Austin, Texas
Dear Sir:Opinion No. V-81
Re: Whether certain
foreign securities
"registered" with
the Securities and
Exchange Commission
of the United States
are "on the list ap-
proved by the Securi-
ties and Exchange
Commission , as con-
templated by subdivi-
sion (b) of Sec. 23,
of the Texas Securi-
ties Act, and there-
fore exempt from the
provisions of the Act.You request advice as follows:
"Subdivision (b) of Section 23 of the
Texas Securities Act, under exemptions, pro-
vides as follows:
"'Any security issued or guaranteed by
any foreign government with which the United
States is at the time of the sale, or offer
of sale thereof, maintaining diplomatic re-
lations, or by any State, province or poli-
tical subdivision thereof having the power
of taxation or assessment, which security is
recognized at the time it is offered for sale
in this State as valid obligation by such
foreign government or by such State, province,
or political subdivision thereof issuing the
same, provided however, that such securities
must be on the list approved by the Securities
and Exchange Commission of the United States.'
"We have had several requests for informa-
tion in regard to possible exemptions underI r
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Texas. Attorney-General's Office. Texas Attorney General Opinion: V-81, text, March 10, 1947; (https://texashistory.unt.edu/ark:/67531/metapth264900/m1/1/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.