Texas Attorney General Opinion: WW-564 Page: 1 of 3
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TiIc A rllRncNl (+ENiEIRAL
Superseded by S.B. 361
Ar*.1 w .TceAM 56th Leg., 1959
March 3, 1959
Honorable William M. King Opinion No. t -564
State Securities Commissioner
State Securities Board Re: Application of the exemption
Austin, Texas contained in Section 5 (I)
of the Securities Act to
sale of oil and gas interests.
Dear Mr, King:
Your letter requesting our opinion relative to the captioned
matter reads in .part as follows:
"Section 4 A. of the Securities Act states 'The
term "security" or "securities" shall include . .
certificate or any instrument representing any intern
eat in or under an oil, gas or mining lease, fee or
title . . '
"An opinion of your office is requested as to (1)
whether a person selling (as that term is defined
in Section 4. A of the Securities Act) such interest
may claim the exemption of Section 5. I. of th 'Setcu-
rities Act if after the sale of any one such inter-
est the total number of persons holding interests in the
particular oil, gas or mining lease, fee or title,
does not exceed thirty-five and the sale is made with-
out the use of advertisements or any form of public
solicitation.
"If your answer to this question is in the af-
firmative (2) is it necessary for the person selling
such a security to hold a license under the Secrities
Act as a dealer in oil and gas."
Article 581-5, V.C.S, reads in.part as follows:
"Except as hereinafter in this Act specifically
provided, the provisions of this Act shall not apply
to the sale of any security when made in any of the
following transactions and under any of the follow-
ing conditions, and the company or person engaged
therein shall not be deemed a dealer within the mean-
ing of this Act; that is to say, the provisions of
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Texas. Attorney-General's Office. Texas Attorney General Opinion: WW-564, text, March 3, 1959; (https://texashistory.unt.edu/ark:/67531/metapth267176/m1/1/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.