EXEMPTION FROM APPLICATION OF SECURITIES ACT.

The Securities Act (Title 12, Government Code) does not apply to: (1) a note, bond, or other evidence of indebtedness issued by a telephone cooperative doing business in this state to the United States; (2) an instrument executed to secure a debt of a telephone cooperative to the United States; or (3) the issuance of a membership certificate by a telephone cooperative or a foreign corporation doing business in this state under this chapter.