Texas Attorney General Opinion: H-116 Page: 4 of 6
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The Honorable Roy W. Mouer, page 4 (H1-116)
We recognize that the definitions of "securities" in 2B of The
Securities Act of 1933 (15 USC 77b) and in the statutues of many states
recognizing such options as securities, contain the phrase "right to
subscribe to or purchase any of the foregoing, " which phrase is not
contained in the Texas act; however we do not believe this manifests
any legislative attempt to eliminate such options from the Texas Securi-
ties Act.
Other provisions in 4 of Article 581 that persuade us that the
Legislature intended the inclusion of options in the definition of securities
are found in its definitions of "dealer, " "salesman" and "sell":
"C. The term 'dealer' shall include every
person or company, other than a salesman, who
engages in this state, either for all or part of his
or its time, directly or through an agent, in selling,
offering for sale or delivery or soliciting subscrip-
tions to or orders for, or undertaking to dispose
of, or to invite offers for, or rendering services
as an investment adviser, or dealing in any other
manner in any security or securities within this
state.
"D. The term 'salesman' shall include every
person or company employed or appointed or autho-
rized by a dealer to sell, offer for sale or delivery,
or solicit subscriptions to or orders for, or deal in
any other manner, in securities within this state ....
"E. . ... The term 'sell' means any act by
which a sale is made, and the term 'sale' or 'offer
for sale' shall include a subscription, an option for
sale, a solicitation of sale, a solicitation of an offer
to buy, an attempt to sell, or an offer to sell, directly
or by an agent or salesman, by a circular, letter, or
advertisement or otherwise . . . " (emphasis added)p. 558
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Texas. Attorney-General's Office. Texas Attorney General Opinion: H-116, text, October 2, 1973; (https://texashistory.unt.edu/ark:/67531/metapth270639/m1/4/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.