bFFlCE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
;
eRO”ERbEL‘ERe
AITORNLlOEHLlAL
667
-NO. "Aauwt $ 1,oao.00
to mot wide ia a 8luung twa
or ltr ~nnal wraod wr~hm et-
.
668
Uer o .~no ltatutory
Ir lx p n4 4.~ . for Chapter
authority
._. 3,
In4uruaoo Corpor.tIonr;.to bwrow saneyi aelmer 14 tna-4 4ny
8t.tutar# prohlbltica.geiruttbr lx6roI66 or ruoh payer. ?h.n
14, or aown, no ..t.tutor~ autixorlurtloa?or tb8 liiuano* and
8ul.a or then propond 6.b6ntur.s. ibltrar 16 then aturtutory
prohIDitlon 4pin6t t:w lxer8ioe o? luoh gowar. 'X6 think t&t
th6 propooed dob6ntureb by tha 'ilnion
fl464rv0"lfa Ia6urm106 Cm-
p45y 044 b4 6i4tiaaul4h4d fr4a the 04rtiri4~t4 0r the c04t~ry
lpa&l.~w~8cOaP wh1.h *.I dlrpprovod irr.ur Opinion tfo.
t; borhw ronoy fiai%:.,4: ~r.o~~~~~a~;~t~v~~*~o
th. lldtation wbioh my b6 ol408d up66 it by the 1.d o? tbo iow.rm-
mt to uhloh it l. n.po..Iblo. By ~..~IIQJsnd 4.111~ t& abovo
untlon6d 66bontur6m, th6 Union Xo4orv6 Ll?e Iaaur6no6 Campuif 8-k.
to lxorolre it8 &n'.ro~tI~... . OOrPoratIon to,borrarmon.y, but
46.k. to oontruot with t&a. ?ror wR6r it a.~~box'r.umo..~, th.t
ru4h.m.n.~ -111 b. D.id hot lt 4 Dtit%Otli&time, uad a t l parti-
oulru rata or iaer44t, 4nb that It ri.Ll 84 mid baok oalf rro~ .
4p.0I.1 rud.
In OplnlonDo, 0.5866, fhI# a.putaont rradud M opln-
1.a bare6 qon the 8.b qu..tloll44 iB lnvo1v.d In thI8 oplnloon.
Th4 pFOpo4Od 44bMC~~ airfU4 4OIUWhat rlcorth0 OUti?iOaw pcr444d
upon in Oplnlon Xo. O-8846, but it 1. lpgrrentth.t t& 4.6.ntI.1
*loDent.or. the 4aa.. TM propo6.d d.b.nturmr aontaia aa tutoandl-
t1on.l proml.. to w o.t o? the .#oI?Io Su.d, at . oort.ln CIB.,
when .uoh fund I. o nmted l mtetod in tin dobontaru. The only
thu that ~l.tia&.h.r tb propo8.d ddWd?O8 frOr l re@u&r bond
OS the oomp6.y 14 th68 th4y p?Uib fOr tbr pylrnt O? mama ,out o?
. Q.rt1obd.r ruma.
It 18 4tat.d by Conah. 08 In4~~4ne0, Vol. 1, pq.
l* l l ADOW th e waqe-do pour. .a@04 br
. ..rporat1onr0ra.d to ..rrl .n in.ur...obla....
luy b6 inrntioned the rI&ht to aoqulr. .nd hold 8urh
rod utate 44 l4 .eou4ary 446 properfor futur8
u.. in ..rryIm on it. bu.in.66, to borrow ron.~
to Q.y ‘i..66.., Or t0 9X’Ot.Ot it. 8.4.t.. l l l*
(To th e lao 8rroot. ~614rl66nJurirprudraoo, Vol. ~9,
peg* 84)
I4 iii4w4rto th4 .bor* 4tated qu44tloa you 4r4r8~.t-
fully dvled th&t than I. no 6tatutory grohibltfonprohlblt-
M In4ur0ne4 ooaponq 4uoh 84 th4 Union Reserve Ll?. Itmuraaoo Cow
pany from borrowing nonay Ia thr m6uner prepomrb bl 4ei4 0orp.n~
by the ln.u.no. .nd 8.1. of ~18 gepoaod dobmturo., uhlah uo YII
669
.vld,a.o. of t&. rpr~$ b.rr.u.d~b~ the raid 0.a~.
Trootlng thlm en4uor4 your Inquiry, w4 4x-4
Tour4 *err. truly
ATTGRNXY Ok.WiiRAt
O? TXXAS