(a) The exemption provided by § 4005.001 applies to:
(1) the sale and issuance of:
(A) any securities issued by a farmers’ cooperative marketing association organized under Chapter 52, Agriculture Code, or the predecessor of that law (Article 5737 et seq., Revised Statutes);
(B) any securities issued by a mutual loan corporation organized under Chapter 54, Agriculture Code, or the predecessor of that law (Article 2500 et seq., Revised Statutes); or
(C) any equity securities issued by a cooperative association organized under the Texas Cooperative Association Law as described by § 1.008(i), Business Organizations Code, or the predecessor of that law (Article 1396-50.01, Vernon’s Texas Civil Statutes); or
(2) the sale of any securities issued by a farmers’ cooperative society organized under Chapter 51, Agriculture Code, or the predecessor of that law (Article 2514 et seq., Revised Statutes).
(b) The exemption provided by § 4005.001 does not apply to an agent of a farmers’ cooperative marketing association, mutual loan corporation, cooperative association, or farmers’ cooperative society if the sale of the securities is made to:
(1) nonmembers; or
(2) members and a commission is paid or contracted to be paid to the agent.