Texas § GV.4005.023 - OPTIONS
Full text of Texas The Texas Constitution § GV.4005.023 — OPTIONS, with citation guidance and answers to common questions.
§ GV.4005.023. OPTIONS
OPTIONS. (a) In this section, "option" means and includes a put, call, straddle, or other option or privilege of buying from another person or selling to another person a specified number of securities at a specified price, without being obligated to do so, on or before a specified date. The term does not include an option or privilege that by its terms may terminate before the specified date on the occurrence of a specified event. (b) The exemption provided by Section 4005.001 applies to a sale of an option by or through a registered dealer if, at the time of the sale: (1) the performance of the terms of the option is guaranteed by a broker-dealer registered under the Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.); (2) the guaranty and broker-dealer described by Subdivision (1) are in compliance with any requirements or rules adopted or approved by the board; (3) the option is not sold by or for the benefit of the issuer of the security that may be purchased or sold on exercise of the option; (4) the security that may be purchased or sold on exercise of the option is either: (A) exempted under Section 4005.054 ; or (B) quoted on the NASDAQ stock market and meets the requirements of Sections 4005.019 (b)(1), (6), (7), and (8); and (5) the sale is not directly or indirectly for the purposes of providing or furthering a scheme to violate or evade this title. Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171 ), Sec. 1.01, eff. January 1, 2022.
Frequently Asked Questions About Texas § GV.4005.023
What does The Texas Constitution § GV.4005.023 cover?
Section GV.4005.023 ("OPTIONS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.4005.023?
A common citation format is "The Texas Constitution § GV.4005.023" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.4005.023 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.