Texas Utilities Code 161.063 – Exemption From Application of Securities Act
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Terms Used In Texas Utilities Code 161.063
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
The Securities Act (Title 12, Government Code) does not apply to:
(1) an obligation issued to secure a debt of an electric cooperative to the United States; or
(2) the issuance of a membership certificate by an electric cooperative.