Amend HB 2255 by adding the following appropriately numbered
section to Article 3 of the bill and renumbering the subsequent
sections of the bill appropriately:
      SECTION 3.___. Subsection D, Section 33, The Securities Act
(Article 581-33, Vernon's Texas Civil Statutes), is amended to read
as follows:
      D.  Rescission and Damages. For this Section 33:
            (1)  On rescission, a buyer shall recover (a)  the
consideration he paid for the security plus interest thereon at the
legal rate from the date of payment by him, less (b) the amount of
any income he received on the security, upon tender of the security
(or a security of the same class and series).
            (2)  On rescission, a seller shall recover the security
(or a security of the same class and series) upon tender of (a)
the consideration he received for the security plus interest
thereon at the legal rate from the date of receipt by him, less (b)
the amount of any income the buyer received on the security.
            (3)  In damages, a buyer shall recover (a) the
consideration the buyer <he> paid for the security plus interest
thereon at the legal rate from the date of payment by the buyer
<him>, less (b) the greater of:
                        (i)  the value of the security at the time
the buyer <he> disposed of it plus the amount of any income the
buyer <he> received on the security; or
                        (ii)  the actual consideration received for
the security at the time the buyer disposed of it plus the amount
of any income the buyer received on the security.
            (4)  In damages, a seller shall recover (a)  the value
of the security at the time of sale plus the amount of any income
the buyer received on the security, less (b) the consideration paid
the seller for the security plus interest thereon at the legal rate
from the date of payment to the seller.
            (5)  For a buyer suing under Section 33C, the
consideration he paid shall be deemed the lesser of (a)  the price
he paid and (b) the price at which the security was offered to the
public.
            (6)  On rescission or as a part of damages, a buyer or
a seller shall also recover costs.
            (7)  On rescission or as a part of damages, a buyer or
a seller may also recover reasonable attorney's fees if the court
finds that the recovery would be equitable in the circumstances.