OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
Attentioar Xr. R. J. (Bob) Long
Dew 8lr:
upon the 08pt10aaa
rolloue I
nt,lnterprote the opln.ioltle b o -
a h ieneo r p Elsm% uneer
ilt*tutee wh 5 lteIeBvoPO-
lo amndmnte to ahartere
one, meok- to abe- no p
;aLu+gktook to par ~81~ etoak. The rtternwm of
ation rir80tee
are contendedtht Opla-
loll IItmrer o-5792 doe8not 8pplyto aorpowtione
0rgbnit0a underthe gewrrrl uorpor8tion Iltatutee.
“we, tamreforo,roqueet 8[L oplnio?a rrar your
depertmeut rdvielmg w ii a
oorperatlon organieed
uncler tha gonor aorporatioa lere with ltoekof ao
par valuecw oonvertits lteak ai no p value
altoetoak 0r par v8sua.’
Oplnlailo. 0-57pa did lpeelileellyholdth 8tl liie
inew& eorpcy uhoee ebme OS ltook we without nomlael
er per velueouuaot le6ellreoavht rueh etoak late etoek 01th
nminelor per velee. Siowvw, in rewhiag thie8onalueion,
the l8uegovornimg aorpomtieneln gene-1 uere aowlbro4
bnd lppllod, vlth raIuwno* thereto. Sm ltatute rettully
roferrod to belm# Artlola lS#!h,Veraen' Armoteted Civil&at-
utoe, rhleh made:
‘A4 prlwto oar ration far profit,08hor
t;~m8;e tr w.re4
aoadwt a balIking
to
luth o r leo
a h
de r e
ulthp m o r we0vd, o r%uw l tithmtW1
or par velue,o both,wr, byvoto oithoholdo~e
ef 6 wjorlt~ ef it8 outetardlag *to& entitled
tovotert~uraulYotirrqo~t~go~l
wllod uel bald ior the purpoer,
meeting amud it8
ohertor 80 a8 to dmafw it8 e&roe OS ltwk 81th
par oriaer velue,op~eWee oc sUeroe there
of, late the came amber or -toa Urger or trll-
or amber oielmree~rlthou.aamlm~orgnr velol,
proWlo thetell Wee Jauyau elee*allbe
ehmgod oa the em8 brie, or 80 a8 to q it8
ehuweulthout nm&nelo~pIvelw, er~sleee
or olaeeoetherotor (thorwf),istoa largerw
am8llernumber0reb8roe~lthaataamuwlegu?
value provided that all lherqe )a rpf otu elaee
ehllbe aheagd orrtho umebaelas uUrpovlde&
further llmitetlaae,
that the pr*ter*ao*e, rQht8,
plvlleg*euwI r**trlatlone tedorapoeod
ulth reepmt to uy ehrre 0F outetmUag ltook
ebll not k impair.& dlmlaWw6 or abtm@ rlth-
out the o-eat of the holdor tbwmoi. Uhouovmr
eWl1 be m4e efieetlvo,
a nr lwh aaeadment lll
the eharee withper or iroe
mlue oftb cleeeer
olaene lpeoiilodlauldundaeate&llbedeem-
ld for all urpowe to ha*0 ken aoavertod, ea the
bee18 in w Ip
d amndmat etated, elwoe vlthout
aeminelorprvelue of the oleeeroleeeee epe-
aiiled end all of the ekeroe wltheut a-1 or
p a r v& e o h a ng e d
into l la r g e ro r er ller amber
of eharoewithout neminelOR per velw ebellbe
ded r0r lll urpoeoeto bevebeoa aonyorted on
the bee18la ear4 nmaumnt etato4 into each larger
or emller aumberof lWo8 ulthd lwmlatlOr pe2,
velue,,mdthe ccrpcratiou ehell,ln urltlug,
notify all holder8 of etoek of the oleee
ci eberae
w etietae effected (Ufoatad)
and llpqlltheroaftec,
for aw lwh l!nraeie
uhatwvor any certiflacrte
preeented Sor trmufer or uabcsp, 6@ace2 the nmi,
md in it8 plaao, ieeue,on the baeleln eeldarand-
ebat etatd, a wu urrtiil8Me,vhloh-11 eoafom
to the provleione of Article 1538b horoot."
Thlelrtlole.doee of par v&u@ lteak
petlituotworelon
i&o stook OS no pr value. Tho r 1
08 no lua hluthoriutlon to
t,h to
ma tr a rthat
y; le, fo rth acoavoreloa o letook o fm per
~81~8 isto lteak of per velue.
It 18 elemsnte4-y thatall the pmbri of l so r p o mtfo a
we derlvod rxeluelvel~ from .the Coartltutlan.* ltatutre.
slma o ther6 18 no pouor g lvio gl asrposcrtlon th6 right to ooa-
ver t
ltwk of no per vUuo lateltoek of pu vaLr#,ue lgr6e
with pDup dopertmat ‘8~ l.ntmpretUl.olz a? our OptgLon Ilo. O-579a.
Weed on tha foregolag, we ukvuor pnr queetlan in
th6 neg8tiv*.
Vry truly .foure
ATTORXRYoxlmL0?mKA9
~/gigcdor
Robert 0. Kooh
Aeeletmt
RoKrdb