Amend CSSB 1105 as follows:
On page 8, committee report, strike Sec. 221.025 (lines
25-30) in its entirety and replace with the following:
Sec. 221.025. EFFECT OF REGISTRATION: SALE EXEMPT FROM
SECURITIES ACT REGISTRATION. A developer's compliance with [The
filing of a registration under] this chapter exempts the
developer's offer and disposition of [the sale of] timeshare
interests subject to this chapter from registration under The
Securities Act (Article 581-1 et seq., Vernon's Texas Civil
Statutes).