We do notoo&rue this tiea se0tm to intend, on r000uat of itause of the worde 'saleor purchaseof aecuritiea'mb 'secu- rities no sold or ptmhaoed', to work ohmges In the generalpurposeof the Aot and 80 to amend it as to requirethe procurdngof penuitsor licensesby those who buy securitiesand the registrationof meourities 'forthe protectionof sellersagainstbuyers.
"As ii pointedout,in Fowler v. Hults, 138 Tei. 636, 161 s. w. 28 478, t,h securitiesAct in rI.lof its many sectionsm&as carefuland detailedprovision for the registrationof dealersin seourities,that is, praom engagingin the buaiuesaof sellingaaouri- tics, end for permitafor the ifmum3caof qeourltiea, that is. securitiesissuedto be sold -- all for the protectionof buyers rgainet+lera. The Aot doss not mder'uka to prescribea plm for the ragistratiooof of buyers of securitiesor methods for the proteotion of sellersagainstbuyers. Had it been intendedby the amendmentof the Aot made in 1941 80 raidoallyto ch8oge it LB to make its variousrsquirementsapplicableto buyers aa well as to sellers,that titentionoertaialy would have beanmore clearlyand explicitlysham. The ressonablaconstructionto be pLsoed ou Section 33b is that it maone that a peraon,who is requiradby the te?ma of the Act to registeraa a daalar, ealemmanor agent or to obtain a parmit,may not briug or maintainan action for commiaaionor ocmpematlon for his servicaeperformed ~8 such dealer,sale- or agant without alleggingand proving that he wa8 duly licensedand the securities duly registeredunder the Act. A comtruotion of Section 33b LB intendingto ohmge all of the va r io usq ectiom and provisionsof the Aot so aB to make thaw apply to buy- ers em well as to sellerewould be contraryat least to the spirit and purposeof Section36 of ArticleIII of the Tax- Constitution,Vernon~s Ann. St., which prohibitsunandmanlx of laws, or sectionsof law@,by referenoe." (BktQhaS IS edded)
In view of the foregoingdecision,the employaaof the iioenseddealer in oilaud gas seouritlssis not subjectto the pro- vision of the Texas SecuritiesAct., @rticle 60&x,v.c.s.),ana ha need not 8courc a licensethereunder.
AB employeeof a llcenaaddealer in oil * gas leases,who acts a8 agent for such dealer in scouring oilaud gas leraea,is not subjeotto the proviaica?a of the Texas Se&ritits Aot (Article60oa, V.C.S.), end need not mecurea lioensethsreundar. Fowler v. HonorableD. RiohardVoges -Page 4 (V-221)
Huts, 138 Tex. 636; Lsvia v. Dwia, 199 S. w. (26) . Yours very truly,
AlTORIU!XGElyEBALOFTEXAS
BY C.K. Ri6hrds /a C.K. Rioharda Assiatknt
APPROVED:
Price Daniel /a
ATTORIfEYGENERAL