Statutory Revision in Texas; Codification of the Securities Act - - PowerPoint PPT Presentation
Statutory Revision in Texas; Codification of the Securities Act Statutory Mandate Section 323.007, Government Code The Texas Legislative Council shall establish a permanent and continuous statutory revision program, the purpose of which is
The Texas Legislative Council shall establish a permanent and continuous statutory
revision program, the purpose of which is to “clarify and simplify the statutes and to make the statutes more accessible, understandable, and usable.“
When the Texas Legislative Council's statutory revision program is completed, all general and permanent statutes will be incorporated into one of the following 27 codes:
Agriculture Code Alcoholic Beverage Code Business & Commerce Code Business Organizations Code Civil Practice and Remedies Code Criminal Procedure Code Education Code Election Code Estates Code Family Code Finance Code Government Code Health and Safety Code Human Resources Code Insurance Code Labor Code Local Government Code Natural Resources Code Occupations Code Parks and Wildlife Code Penal Code Property Code Special District Local Laws Code Tax Code Transportation Code Utilities Code Water Code
The following codes or titles of codes have been enacted. The year of enactment for each is noted. The inclusion of two or more dates indicates that a code was adopted in segments.
Agriculture Code (1981)
Alcoholic Beverage Code (1977)
Business & Commerce Code (1967, 2007)
Business Organizations Code (2003)*
Civil Practice and Remedies Code (1985)
Education Code (1969, 1971, 1995)*
Election Code (1985)*
Estates Code (2009, 2011)
Family Code (1969, 1973, 1995)*
Finance Code (1997)
Government Code (1985, 1987, 1989, 1991, 1993, 1999, 2001, 2017)**
Health and Safety Code (1989, 1991)
Human Resources Code (1979)
Insurance Code (1999, 2001, 2003, 2005, 2007)
Labor Code (1993)
Local Government Code (1987)
Natural Resources Code (1977, 2009)
Occupations Code (1999, 2001, 2017)**
Parks and Wildlife Code (1975)***
Penal Code (1973, 1993)*
Property Code (1983)
Special District Local Laws Code (in progress)**
Tax Code (1979, 1981)*
Transportation Code (1995, 2009)
Utilities Code (1997)
Water Code (1971)
Code, Titles 1 and 2, Education Code, and Title 1, Tax Code, were substantive revisions for which the council provided assistance. ** The Special District Local Laws Code is a code project currently in
2003, 2005, 2007, 2009, 2011, 2013, 2015, and 2017. Revisions adding titles to the Government Code and Occupations Code are currently in progress. *** A second revision of Parks and Wildlife Code is currently in progress. The council is currently conducting a revision and codification of certain portions of the Code of Criminal Procedure.
“The council may not alter the sense, meaning, or effect of the statute.“ Each idea found in each word of the source law must be found in the revised law. The revised law should use the same words as the source law unless a change in
wording produces a definite improvement.
The wording of the source law should be changed if necessary to put it into
modern American English, to make it more understandable, or to fix awkward, redundant, wordy, or other poorly written provisions.
If the source law is ambiguous, the revised law must preserve the ambiguity unless
the drafter is certain that the ambiguity can be resolved in only one reasonable way.
Include a report with each revision that contains revisor's notes explaining in detail
the work done.
Revisor’s notes are used for providing an explanation of the omission of source
law, the addition of concepts not found in source law, and the resolution of an ambiguity not preserved from source law.
Submit to the legislature in bill from the statutory revisions.
With Revisor’s Notes Bill Format
TITLE 12. SECURITIES ACT CHAPTER 4001. GENERAL PROVISIONS SUBCHAPTER A. SHORT TITLE; PURPOSES; CONSTRUCTION
Securities Act. (V.A.C.S. Art. 581-1.)
purposes of this title are to: (1) protect investors and, consistent with that purpose, encourage capital formation, job formation, and free and competitive securities markets; (2) maximize coordination with federal and other states' laws and administration, particularly with respect to procedure, reports, forms, and exemptions; and (3) minimize regulatory burdens on issuers and other persons subject to this title, especially small businesses. (b) This title may be construed and implemented to effectuate the title's general purposes. (V.A.C.S. Art. 581-10- 1.)
TITLE 12. SECURITIES A CT CHAPTER 4001. GENERAL PROVISIONS SUBCHAPTER A. SHORT TITLE; PURPOSES; CONSTRUCTION Revised Law
SHORT TITLE. This title may be cited as The Securities Act. (V.A.C.S. Art. 581
Source Law
This Act shall be known and may be cited as "The Securities Act." Revisor's Note Article 581-1, Vernon's Texas Civil Statutes, provides a short title for "[t]his Act," which is The Securities Act (Article 581 -1 et seq., Vernon's Texas Civil Statutes). The provisions of The Securities Act are revised as this title. The revised law throughout this chapter therefore substitutes references to "this title" for references to "this Act."
Enacted in 1957 and is administered by the Securities Board. The Securities Act is a relatively small (final revised bill was 200 pages with 250
sections of law), obscure, and infrequently amended body of law with considerable federal overlap.
The codification of the Securities Act passed as H.B. No. 4171, 86th Legislature,
2019.