AUWTIN ii. -
PRICE DANIEL
ATTORnrEY
GENERAL
February 4, 1950
Hon. Jesse James Opinion No. V-997.
State Treasurer
Austin, Texas Ret The procedure for handling
funds of unknown stockhold-
ers deposited in the State
Treasury under Senate Bill
402; 51st Legislature, after
dissolution of domestic cor-
Dear Mr. James; porations.
Your request for an opinion is as followsi
*Please note the enclosed file with reference to
a deposit of $2.749.75, which we have just made to our
Susperse Fund # 31 - Dissolution of Solvent Corpora-
tiO8S.
.
“Heretofore deposits of this kind have been made
as above to our Suspense~Account where it remains for
a period of seiea years, after whit+ it is es&sated and
transferred to General Revenue,
*However, a new law was enacted by the 51st Leg-
islature, Regular Session - see Chapter 576,
‘This deposit was made by Baker, Botts, Andrews
and Parish of Houston for the W-K-M Company of that
city with request that it be handled under the new law.
“Under the new law it would be escheated imme-
diately. The new law also requires that the state adver-
tise the amounts and owners of the money being held by
the state.
“If this money is immediately escheated and de-
.
posited in General Revenue, it would require court ac-
tion on the part of owners in order to get their maney
from the state, Heretofore all that has been necessary
was for owners to furnish.proof of ownership.
“Pending your reply this money has been placed
in Suspense. We should like very much to have you an-
swer the following questions;
“1. Can the cost ef..4&ertiring be taken out of
thir deposit?
“2. Should the tnotsry r4main.in Suspense Ac-
cumt a reasonable l4ngtb #f tieri to see if any @r+rt,
‘VP all, is claimed by 4wn4r,s’? If so, how long s.h4uld
itremain in Suspense udil~ it ic transferredto Gen-
~erqt ~Revonue?
YYour’answ4r tt~,theee questions will be appre;
CkUed,”
2%~ statutc nscesrrry for us to construe in order te
.aaewr