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TITLE 7BANKING AND SECURITIES
PART 7STATE SECURITIES BOARD
CHAPTER 109TRANSACTIONS EXEMPT FROM REGISTRATION
RULE §109.12Stock Dividends

The distribution by a corporation of securities direct to its stockholders as a stock dividend or other distribution paid out of earnings or surplus includes a stock dividend, stock split, reverse stock split, or other distribution out of paid-in capital (capital in excess of legal capital) or retained earnings.


Source Note: The provisions of this §109.12 adopted to be effective September 6, 1979, 4 TexReg 3015.

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