Text of section effective on January 01, 2022
Sec. 4005.015. NONPROFITS. The exemption provided by Section 4005.001 applies to the disposition of a security or membership:
(1) issued by a corporation or association:
(A) that is organized exclusively for a religious, educational, benevolent, fraternal, charitable, or reformatory purpose;
(B) that is not organized for pecuniary profit; and
(C) for which no part of the net earnings inures to the benefit of any stockholder, shareholder, or individual member of the corporation or association; and
(2) for which no commission or remuneration is paid or given or is to be paid or given.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
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