Untitled Texas Attorney General Opinion

OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN loaorablo Ooorm 1. Ibrppard Compt~ollar of mbllo Aaoouuta Alutlo, Texar Dwr 8lr1 firn, or corpora- BankM or the 8tats of T0x88, rho purrws ths burlarm of tinding moaoy, puro&rlw ux.arl,s au taklo(l for seaurlt$ for ihi pnynnt Of swh loans thereon a nd inta r er t a n lr slq r unt 0r ua g o s o r a s- signmat of rqgor vlth ?ovrr oi Attorney to ool- leot the maamor other order for unpaid ohattol mortgage or bill of sala upou household or kitchen fui’olture. ’ ~Emph8sis added) “OCn”“~~” .-.-,- I . _^ __ -^I --_..__ ._ --_._-.._..-.. --...._. .._ .-__- ..-_ -.. -..- _.. iionorabls Oaorge 1. Slnppard, pago 2 Thm l mphao1o.d portion of tb forogol~ itatute voo lnoortod by aa wnduat of the 49th &glaIature, 1945, boio( Choptor 195, Seotlon 1, Aots 49th La(;lolaturo, Pam 266, lrfoatlTo not 11, 1915, thuo Ohrrglo(( the r0rvr doflnl- tion of a haa broker bt the lulurioa thorofra of ‘a louI- leg Iaotltutloa oubjut to ouporrlolofi o? lzruiaatloa b the -putmoat of &a&l- of the Itats of TOUS. Arttiolo i 169, hod boon oonrtruod prior to ltr emoadmoat la tho bubdlrloloa 48, Artlole lJO2, Ravlood Civil IStat- utoo, IO 00 f0110~0$ lad lmd 'To lo o mulo te money without bmk- 11lg or dlooouatl~ prirllrgeo.@’ 8abdivIoloa 19, Artlola 1308, lo lo lollmor vor ear oao CP wro of the r0110v1ag glp- poooor To uotmmuloteand leql WWJ, pwohoeo, wll aad deal in uotoo, boado end rouritioo but without boaklw oad dlooountl& privll~~eo~ ia act 00 truotso under any lawful srpross trust ouri- mlttod to them by aoatrut rml am agent for the porfomanoe o flny lawful sot." bubd1r1010n 50, Artiole 1302, 10 00 f011or81 @To ouboorlbo for, purohooe, lnrort la, hold, own, lostgn, pledge aad othervim deal 1~ and dls- pose of shares of oapltal ltwk ,bonds, mortgogos, dobontureo, notoo and other seourltlos,olllgo- tlons, oontracts and srldenccs of indebtedness of foreign or dosestic corporations sot competing with oath other in the same line OS business; pro- vided the potters and authority herein coafsrred shall in no vay affect l q provlsloa of the antl- trust laws of this State. Article 1gojb, v.fi.c.a., 1325, (Chapter 275, Aotr 40th bgislaturr, lYii'7,pago 414) is OS fOllOWSr *A prlvatc oorporation ma7 be formed iOr aa7 one or 8orO of tho f011091llg purpomeo, v1thout or msurowo b a nk ing rlrilops: to lcouulato lod lore motmp; to SOP 1 end deal in notes, bonds and seourltirsl to act as Trustre under 8og lsv- ful express trust committed tf,it by cmtrsct or c 708 Sonoroblo Ooorgo H. 8hoppard, wgo 3 ~111, or under lppolnt8oat moue horing OS say jurlrdlotloa of the oubjoot mottor, and so lg a nt for tho porfomonoo of my lovful mot1 to oub- oorlbo for, purohoe, lavoot In, hold, 010, oo- alga, pledgo aad othervlw deli la oad dlopooo of ohoroo oi oapiul ltooko, boodo, wrtgagmo, dobmtroo, notoo oad other uourltlro or obllw- tloao, oontruto aad lr ldo a o of o o Iadobtodmooo of forolgn or dmootlo oaporotlono aot empet- lng with luh othor la tho ouo 111~ of buoInooo~ to borrow BO~UJor loouo doboatwoo for oarryla# out onf or 011 purposes &ova lnworotod. Pro- vided thbt tho povrr ad authority horalu oon- iorrrd -11 10~no r*r a??eot ur~~o? tho porl- 010R0 of tho anti-trust laro of this ltoto.” Artiolo 152ha, V.A.OA., 1925, IO 1u port 00 fol- love I so. 1. This Aot -11 ubruo oorporo- tlono horotofore oroot~d horlag for tholr pur- pore or purposes any OF all of the povoro nov luthorloed lo bubdl~lolono 48, 49 or 50 of Artlola 1502, Revised Clvll Statutes of %x80, lY25, and herrtoforo or horoaftar croatod harlag la rho18 or in port any purpooo or purpoooo nov outhor- lood in Choptrr 275, Sonata El11 gukr 232 of the Oonorol and Spoolal Uro of Uw Rogulor SOS- olon of the 40th tiglslaturo. ... “sea. 2. The Buiklq Coamloslonor of Texas shall examins or cause to be examined such cor- porations oonuall~ or ofteuer lf hs dsrms it nec- osoary. ... “sec. 10. Ths provlsloas of this Act shall apply to forclga corporations vho have hsretofors been granted permlsslon to do businsss Ln Texas and rho ma7 hrrraftsr be granted psrmisslon to do buolnoss ln Tour and having am tholr purposr or purposes soy part OS the provlolons sst out In sootion On8 or this Act. ltvor~ forolgn oorpora- tion ha+lng such a permit to do buslnsss Ln thls Eonarable Oaorge II. Shopped, page 4 Stat. ohall be oubJ.ot to tha lrulaatloo of the Ronking Ca8.loolonor of Tons lo tho oam wnner la dunder tho oou terms old OODdltlOOOam ox- ulnotloa of dawotlo ooqmrotIono. ...’ By tho tons of the forogolag laglolotlro oruot- unto 8nd portloulorl~ tho 1945 anndwnt to &tlola 61654, mupro, both draeotlo mad forolga oorporatlooo lnooroporotod uador oubdlrloIono 58, 49 mad 50, Artlolo 1302, R.C,b., 1925, and Arttolo 1303, V.A.C.ll., l925, arm sub rot to oxamino- tlon by thr Doportwnt of Bmuklag of the 8i 8to of Toxoo, 8nd honoo do not oome vlthln the deflnltlon of loma broker am dofined lo Art1010 6165a, V.&.C.b., 1925. buoh oorporotlono ora therefora not lubJoot to oar of tha lava o?toxao govornlng looa brokers md pmtloulmly Artiolo 6169, (aootieao 2 to 8, ma.) V.A.C.~., aad o&b- dIrloIon 14, Artlole 7047, ItAb., 1925, mad tho oaouor to your qu00t1on 10, “SO.” ““~hOZ .oolstont CHRtdb