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 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 Insurance Code Alcoholic Beverage Code Labor Code Business & Commerce Code Local Government Code Business Organizations Code Natural Resources Code Civil Practice and Remedies Code Occupations Code Criminal Procedure Code Parks and Wildlife Code Education Code Penal Code Election Code Property Code Estates Code Special District Local Laws Code Family Code Tax Code Finance Code Transportation Code Government Code Utilities Code Health and Safety Code Water Code Human Resources 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) Occupations Code (1999, 2001, 2017)**   Parks and Wildlife Code (1975)*** Business & Commerce Code (1967, 2007)   Business Organizations Code (2003)* Penal Code (1973, 1993)*   Civil Practice and Remedies Code (1985) Property Code (1983)   Special District Local Laws Code ( in progress )** Education Code (1969, 1971, 1995)*   Election Code (1985)* Tax Code (1979, 1981)*   Transportation Code (1995, 2009) Estates Code (2009, 2011)   Utilities Code (1997) Family Code (1969, 1973, 1995)*   Finance Code (1997) Water Code (1971)   -------------------------------------------------------------------------------------------------------------- Government Code (1985, 1987, 1989, 1991, 1993, 1999,  ----- 2001, 2017)** Health and Safety Code (1989, 1991) * The Business Organizations Code, Election Code, Family Code, and Penal  Code, Titles 1 and 2, Education Code, and Title 1, Tax Code, were substantive revisions for which the council provided assistance. Human Resources Code (1979)  ** The Special District Local Laws Code is a code project currently in Insurance Code (1999, 2001, 2003, 2005, 2007)  progress. Parts of the Special District Local Laws Code were enacted in 2003, 2005, 2007, 2009, 2011, 2013, 2015, and 2017. Revisions adding titles to Labor Code (1993)  the Government Code and Occupations Code are currently in progress. Local Government Code (1987)  *** A second revision of Parks and Wildlife Code is currently in progress. Natural Resources Code (1977, 2009)  The council is currently conducting a revision and codification of certain portions of the Code of Criminal Procedure.

Non-Substantive Changes  “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.

Formatting and Revisor’s Notes  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 TITLE 12. SECURITIES A CT CHAPTER 4001. GENERAL PROVISIONS CHAPTER 4001. GENERAL PROVISIONS SUBCHAPTER A. SHORT TITLE; PURPOSES; CONSTRUCTION SUBCHAPTER A. SHORT TITLE; PURPOSES; CONSTRUCTION Sec. 4001.001. SHORT TITLE. This title may be cited as The Revised Law Securities Act. (V.A.C.S. Art. 581-1.) Sec. 4001.001. SHORT TITLE. This title may be cited as The Sec. 4001.002. PURPOSES; CONSTRUCTION. (a) The general Securities Act. (V.A.C.S. Art. 581 -1.) purposes of this title are to: Source Law (1) protect investors and, consistent with that Art. 581-1. This Act shall be known and may purpose, encourage capital formation, job formation, and free and be cited as "The Securities Act." competitive securities markets; Revisor's Note (2) maximize coordination with federal and other Article 581-1, Vernon's Texas Civil Statutes, states' laws and administration, particularly with respect to provides a short title for "[t]his Act," which is The procedure, reports, forms, and exemptions; and Securities Act (Article 581 -1 et seq., Vernon's Texas (3) minimize regulatory burdens on issuers and other Civil Statutes). The provisions of The Securities Act persons subject to this title, especially small businesses. are revised as this title. The revised law throughout (b) This title may be construed and implemented to this chapter therefore substitutes references to "this effectuate the title's general purposes. (V.A.C.S. Art. 581-10- 1.) title" for references to "this Act."

The Securities 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.