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TITLE 7BANKING AND SECURITIES
PART 7STATE SECURITIES BOARD
CHAPTER 114FEDERAL COVERED SECURITIES
RULE §114.3Consents to Service of Process

(a) Unless otherwise provided in subsection (b) of this section, a consent to service of process is required from an issuer of federal covered securities that is organized under the laws of any other state, territory, or government, or domiciled in any state other than Texas. The written consent to service of process must be duly executed by an authorized agent of the issuer and irrevocably appoint the Securities Commissioner as the issuer's true and lawful attorney upon whom all process may be served in any action or proceeding against such issuer arising out of any transaction subject to the Texas Securities Act with the same effect as if such issuer were organized or created under the laws of Texas and had been lawfully served with process therein.

(b) The consent to service of process is not required when the notice filing is made by a registered dealer acting as a principal in a firm commitment underwriting.

(c) The consent to service of process filed through the Securities Registration Depository System will satisfy, in all respects, the requirements governing consents to service of process set out in this section and in the Texas Securities Act, §8.


Source Note: The provisions of this §114.3 adopted to be effective April 8, 1997, 22 TexReg 3219; amended to be effective April 5, 1998, 23 TexReg 3431; amended to be effective August 10, 2003, 28 TexReg 5992

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