Sec. 423.101. DEFINITION. In this subchapter, "clearing corporation" means: (1) a clearing corporation as defined by Section 8.102 (a), Business & Commerce Code; or (2) a clearance system that: (A) is organized or operating under the laws of at least one foreign country; (B) provides for book-entry settlement and custody of internationally traded securities; and (C) has been organized and in operation for not less than 15 consecutive years.
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