OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
Honorable Wm. J. Lawson
Seoretary of State
Austin, Texes
Denr Sirt Attention: Hr. Wll
xour resent
atioa, howwux, atill Jmr only
f $lO,QQ%.O%, but ml8he8 to ia-
1 *took to $X8,%0%.%%, The
ha6 been raised is whether the
wmrporatfon, due to the fact tlmt ft was f6rnmd
b4iQW1 ArtioZe 4969 War pwtllld, IM aslend ita
oapZfa& stook and &till have &mm e:hen ~1%%,%%Or%O
oapital stook.
f&r9
Han. ax. 2. tawao3.,page L
met be apprcved by tk.SS Depertmnt, but this
partloulor D‘j.estion does not ESSE bo here been
raised prerioudyy
Vbo attciraepe for tte oonpany faS1 that
tbe ccapanylo ori&sai o&artsr le not reqUltd
to OGqPly With the SUbSScplent 8tStUt.8 pIVVidin&
for an irareaeed minimum o~pit0lleatlon.
(1. . .I
The 2u,urposs ShU6S in the Shove mm5tlo5ed oherter rude
as fOllOW#I
"The purpoSe far which thfr oorposetion ia
0rpnlteC ie to do a &aAeznl fldue:wy ant deporl-
tory budner8 ar Suthorlse6 by rubclitirion 80, of
ht. 1~1 0r the K. c. 6. 0f the saw of TOW,
adopted in 1Sl.l."
YS 08Mot agree With the &t@teDUOt in JOUf 1.rtt.r ahUS:A
it is lta ted thatt
tu ef-fea the W6I igmnted to th e
Sb er tQr
hneriorn Safe Deposit Coqeay la 1988 anclwa# @or to the
p9aru&e of .srtiole 4Qb9, Vernon’@ Iraaofmtrd Civil ,Ststutea.
It will be noted that Artlole 49bQ ,w88 odglnelly peared in
1809 emI asended in 1908 sod ageln h+utded in 19;LII1and there-
fore war la foroe and 9rrbet
when She ohatier warn gnnted to
the abort nmtloneC aompenp. Uabdivision SO of Artioie ll81
of the Pertred Civil Statute*, 1911, eWw other thing8 euth-
oriaed tte fOI‘S&StiOA of private oorporatiunS %a do l @WSrSI.
fldoolary en4 depository bu%lnerr.* Artlole lU1, SUPIS, i8
now wt101e 1mt, Vemcn'e Annotated Civil 6tetutea, sna the
oodlfIer8 !iA lOPr%left out the mbdlvfrlan under luflele 13OE
authoririn4g the r0railtion of eorporetleno *to do a uenenl
riquoierg 8515 depA2itmy bwfinerr.* Eioaver, Art1010 4969,
eupra, eotheosired th6 fo,rmation of prirste aorporcrtlonr *to de
Q general fBdudlary and depository bueiner6,” and ~8 in for~*
and errsot men the above n0030e eol(pelly WBB tAoAr~SretSd. It
w:ll be notrd that i&tale 4QbQ doocr not exprerely repeal nub-
divisfon 37 of htlale 1Ul. mwerer, the two etatutee uadu
eorrsf&eratlonherein are ln pri materla and thslr provi~lon~
in such reepoet oonnot bS rseonofled. .Ud unCnr nueb OirSuo-
atanoss the cildsr otatuta ail1 be held tc be rSpSaLS& by lmpll-
oation t4 the extent 0r tG* conflfat,. It ia presumed that tie
L4k~islature iatended ta repeal all Saws end perta at laws