Section 4003.003 - Statement Of Financial Condition And Income Statement(a) In this section, "current liabilities" means all liabilities that will mature and become due not later than the first anniversary of the date the application listing the liabilities is filed under this subchapter.(b) A statement of financial condition required in the application under this subchapter must:(2) be prepared in accordance with generally accepted auditing standards and procedures and generally accepted accounting principles;(3) reflect the financial condition of the issuer of the securities to be qualified for sale on a date not earlier than the 90th day before the date the issuer or registered dealer files the application;(4) show all of the issuer's liabilities by listing all current liabilities and, separately from current liabilities, all other liabilities, including contingent liabilities, showing the amount of those liabilities that are secured by mortgage or otherwise, the issuer's assets that are subject to the mortgage, and the dates of maturity of the mortgage indebtedness;(5) list all of the issuer's assets in detail and show how the value of the assets was determined;(6) show whether the value of the assets represents: (A) the assets' actual cost in money;(B) the assets' present market value; or(C) some other value of the assets;(7) show the present actual value of the assets; and(8) state whether the value listed in the statement is greater or less than the assets': (A) actual cost value in money; and(B) present market value.(c) The statement under Subsection (b) must show the amount for which any real property listed as an asset is rendered for state and county taxation or assessed for taxation.(d) The statement under Subsection (b) must describe any assets consisting of anything other than cash or real property in detail to give the commissioner the fullest possible information. The commissioner may require the filing of additional information as the commissioner considers necessary to determine whether the true value of those assets is reflected in the statement.(e) A statement under Subsection (b) that lists assets subject to a repurchase agreement or similar agreement under the terms of which the absolute ownership of or title to the assets is qualified or limited must fully state: (1) the terms of the agreement; and(2) the amount and character of the assets subject to the agreement.(f) Subject to Subsection (g), the income statement required in an application under this subchapter must: (2) be prepared in accordance with generally accepted auditing standards and procedures and generally accepted accounting principles; and(3) cover the lesser of:(A) the preceding three years of the issuer's operations; or(B) the period the issuer has been operating.(g) If the issuer has not been operating but is taking over a concern of any kind that was previously operating, the income statement required in an application under this subchapter must:(1) show the operations of the concern taken over for the three years preceding the taking over of the concern; and(2) clearly reflect the amount of net income or net loss incurred during each year shown. (V.A.C.S. Art. 581-7, Subsec. A, Subdiv. (1) (part), Subsec. D (part).)Tex. Gov't. Code § 4003.003
Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. TBD,Sec. 1.01, eff. 1/1/2022.