The Texas State Securities Board is in charge of administering the Texas Security Act. The Governor of Texas is responsible for appointing the five members of the Texas State Securities Board, along with the Texas Senate; each member of the Texas State Securities Board serves a six-year overlapping term of office. The Texas State Securities Board also appoints a Securities Commissioner, who handles the day-to-day administration of securities laws in the State of Texas. The Texas State Securities Board was created by the Texas Securities Act, which was passed by the Texas legislature in 1957. Under the Texas Securities Act, securities bought or sold in Texas must be registered with the Texas State Securities Board, as well as any firms or individuals who wish to sell securities or give investment advice to others in the state of Texas. Plus, Texas securities fraud as defined by the Texas Security Act is punishable by both civil and criminal penalties.