t Honirs~o~~tiorgo H. ,Sh*ppwd cXmptroll*ryf.+blio Aooouats Austitl, T~Oa48 D8sr sir: opiaianloo.&451&A .i Rd Roocmsidorstiatof +45lS. Our sttmtioa hss boti osllodto'& fsot th&in &opinio~ HO. 4515, m hold that the staoktrsnsfmitu lovied'byArtiols'~ House Bill .8,R8gtl.mSoseionoftho Forfp-8ev.~fh~Lmgis~sturo (oodifiodss A& 7047~1, ,V.A,C&), ii spplicibietomsties; ohat- io+nts* oortifiortos*nd pIS8 books is+uodby Fedwsl Swinga 8nd Lo* Assdoistiti8.~... ~.Uppnriooasidsrrtioqof 8uoh bpia$oa,'& hGe oonoludodthst suoh ~.. holdtagdth refermoo tcF8de+ Ss+ga sad.J&I Assdaiitions:ir &onoous~~~ " Sectioa10 of Art. '7047-qV.A.C.S.;provid+8thatr ” ~~ %%IJ tu tiporod'~thZs A~%ible shall.tiot k~oon8trl.d a8 king ip&osbl. to shsiw, sham ~oounts, o&tifisstri or pus b@&issmd by sny'brrildiag ~aitd losm sssooiatlox&art&&3 undirthti'~lsir8 oi,ttiis &&+;:ior.to or&it uttiotm d8fin.din Artiole245l,Ewi8.d &vii Ststu~ot,1926." Artiolo 88X-r.Sootion~57-s, V.A.C.S.,xydb ss follont~.1 ?I&& kd8ra1 Saving8and Loan Ass6oiation~lnodrporat8d under the provisi- ons'ofEcawOmws~ .LoraOt of.1953 as 110~or - -._,..~ h8naftn rmetidod;domioil- 8d lttthe stiti .of:t8x88;aRd th8 ho.dor8~of,shrii~~.~dr:socZtuiik'isPU~d by .UQ'~+UI&s8sOOistiOR8hill tiV6-ill~th8~:rightz8,~el3, alId,&Til*g&8, and shallk .&titlodtcthe PM. oz8zpptloaa and %UW4iti8~,tWlhibh building and'lo~s8sociatioasorgmiz8d under th8 lsm of'tbis.Stat8 8nd holdersof the 8hm& and Sh 8OOOU4ts Of 8UOh sS8OOi8tiaM m enfitlad."(&pbs8is onrr). Aooor&ingly,w8 hold that thm &ok ~raa8fortu 18vi.d by&t. 7047411,V.A.C.S.,is not rpplica%loto~tho shuwt, 8han looounts~,o&tif- i&,.,8 8nd pas %oOe irsu8d% Uy Fe&ral SWiX&S882&b- ~8OOi~t%OX,'of the eh8raot8rd8sori%d in 680. 574.of &tiol8 8814, V.+.C.S.,and our OpinionHo. O-4513,ia 80 far a8 it holdr to~tho~oontrary, ir:h8r8by ovwrulod, Iwsll otbor rosp8at8,however,we ro-sffirmth8 8sid opinion BO. o-4515. AFTROVED WE181945 ', .verytruly yours /8/,~~8id co Urnn AlTORUST 6ElBIZi$ OF l'l$C& A'J!rpaaslr,~ENXRAL OF 'IDAS FR:fft.gw @ /./FWlW, %berts As&i+mt