Untitled Texas Attorney General Opinion

OFFICE OF THE A’VORNEY GENERAL OF TEXAS AUSTIN . 1 3.67 *As D spccffie case In point, you JFC a~lvioti that the aiructars of enbjoot corporatim 32e not. pualiflud 2.0scrvc aa suah using the basis ot quali- fi.ation 6et out In scctlon 33 of our bullzI.Ingand 1oap 1we but aald alrootors are eli&$ble to serve &s such uu&er the ufeomari lam w'hlch is the state of.the it\st.itutiou*s legal dotialle. tik~~&c, Sob- t&on tg9 of the building and loan laws of this state oonttxln oerteln llmlt8floaa as to imestmmts that @re,,nof'tp? 8emQ as Wta@ons set out in the in- Ye.~tsleutpr~tloa IJl the JtLesoarl zsw, zlnd all3 or atim pxwmnte a store serious aspect to our in- aatrp 'then dooe the d.tresetors qxlalif+icrtiori ques- .W@tl. *AS WdlCdtQU t%O pOlnt on which TO do- abWe, sir@ your a&ices is vhether or not compliance lath the 1~5 0r m3x.a~ is swted to th6 buainesa which the asafmlatlon doea In Texas In come&ion with the a5alcin~ or loans Gl' the sellin-, of stock or does the .. sta,tut.econteq1ata that a i%rdgn *asociation ISI respect, to It5 over-all 0peratlOn must cmupl~ tit& . the Buildlag azxl loMa SeW9'0f this state.* The rQlQnring.Qrw~r3lons or tho Busldfng and rAanAsso- cl&ions &at ~42 thought to bep.~tl.nent te your inqpfryr ~Should the fknkiqg Coosrdsalonerof Texas M&l UQM iiwiaalnatlonthet rrueh foreign association do- not CQnduot'its bua%x~slisin aocQrdanee dth 'lau, l 4 Q 1% (ha) w rwoku the c~l?leate of allth?ti.ty.gzklnt- iqe;r&h f,omlgn ossociatlanto do bdsinqse in this stlito; + + 6-f. --Art, ssla-64, Wrnon~f3 C*Y . s*t i 980 foreign hulldIng and loen assoeiatlfln &all ae'permitteb to do.JKifdneas in th+ Stat& unleee all the proolreimu~ Of th3.r~Act are fully compliecI with. 3 * e, *All OS the rules and rugulat+ionsand all the turn;8end cotldftiGnshemin contdne3 PppLicab'Le to the oporatlon uf domestic corz~ani.os, are hereby ex- prossly axle applicable to for&m companies under this Aot. Any such association violatln,czmp of tbe ijrgtQ c~sB~].~~ltb w OS ;Lts provisi.oR§, shall be subject to a ?i.ncof not less than tmc I‘hMm?d f$lw.uo) nu11z.rs nor wcro than wivo Bundrcd ($tiW .GCI) uot1RPs, suc.b fi.ne to be reowereit by 8n bastion in the name of t&c ststc or TI2Kes SIR RRy court of coliqYh3nt &lx?- fdiction and, upon the ColleCtion thereof, the same shall bi3paid intu the state Trca~ury.~ - srt.s81+66. it ie~fWmstn1 law, of course, that no Poreign corpcmkti40 hse a rigat a5 0s course to oorry on its cer- porats business in T-5 aitimut a permit to do so. CorollRPy to this is the mrtber prinoiple that the (2tatemay lzpose up- on such f'ereigncorporation whatevetr uoaditfens it sees fm, to iazposeas u ocmdifian to Its Ming ptBmftt0d to do burdnses in TOXRS . 80 question of constitutional right or prWM3ge.eoms into the cam, booause as state&, no forerlgncorporation has any right OF pradlege whatso@m.r to eopo Into the Stste ex- cept upon the term lqmseii by the Stste. Rang; the prov'isionaOF our Buitdlng and Loan Asso- ciatfona Act in reapeot tofer&@;n c~erporationeabwe quotedz and corisia~ theInin coRRection wsh the cntwc A.ctOS whic+b they ooMtitaei3 a part, we am clearly.of the opiaaon that a SareQn aorpmgtlon holding a pemsit~ta ctarryon its buslncss in Texas mfst cimhat its opemtions in all substantial re- spects in e+ooortlrm