(a) An officer, director, or employee of a bank that has its main office or a branch located in this state with fewer than 500 shareholders or of a bank holding company with fewer than 500 shareholders that controls a bank that has its main office or a branch located in this state is exempt from the registration and licensing provisions of The Securities Act (Title 12, Government Code) with respect to that person's participation in a transaction, including a sale, involving securities issued by:
(1) the bank or bank holding company of which that person is an officer, director, or employee;
(2) a bank holding company that controls the bank of which that person is an officer, director, or employee; or
(3) a bank controlled by the bank holding company of which that person is an officer, director, or employee.
(b) A person may not be compensated for services performed under the exemption provided by this section.
Official text of the Texas Finance Code as published by the Texas Legislative Council.