Section 31.007 - Exemption Of Bank Directors And Personnel From Securities Law(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.Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. TBD,Sec. 2.11, eff. 1/1/2022.Amended By Acts 2007, 80th Leg., R.S., Ch. 237, Sec. 4, eff. 9/1/2007.