OFFICE OF THE A-lYORNEY GENERAL OF TEXAS
AUSTIN
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oonrldorrd your
oplnlon of thl,
quota rrom your
135, Aots or tlr 46th k&lrlrtarr,
oa'o Annotatrd Cl?11 Stetutrr) and
artala rrsprotr with whlrh wo are
not hew oonoarnod, ir I ocmprohradto rrgulrtory bill
lb r r r iathr
g rholr ilrld ot mutual lnsurmw. saotlon
600,rt1’L 5068-1, VWAOD’O AalI0t~t.aOlrll 8tetot88, pro-
*teoh le8ool8tlon, not elrred~ rrqulrrd by
rrlrtlly lewr to do 80, ehell pleoo with the
Stete Trrerurer through the Board of fnrumnoo
Coml8rlonor8 l deporit 8quel to thr lergoet
rlrk reruau~d on my one llrr or parron, whioh
ory k in aerh or in oontrrtlble rrourltl88 eub-
Jeot to epprotrl by thr Board. Suoh doporltr
ahall be liable for tha pefwnt of ell juQment8 -
l66in8t thr rs8OOidiOn, end eubjeot to &emirh-
unt lrt8r r im fadgnat lgcllnrt thr leeooI8-
SlOll. X’h mluoh depO8it be0O8i.8 islpOUad86 Or
drplrtad, it 8h81l at bOoa hs r8p18Bi8had by thr
areooirtion, and if not replmiebrd larardlatrly
on daarnd by thr &erd, thr l88OOirtlon mar br
rr@rded (II inrolr8nt end drrlt with le herrln-
lr tr rprovidrd.
"when Qny 8aaOOiatiOllehall d88irO to 8t8t8
In ad+ortirra8nts, lottora, lltereturo or othor-
wi8o, th8t it ha8 aad8 a deporlt with the BO8rd
,eo required by law, It mu8t also 8tsts in full
the purposo of thr depmlt, th8 conditlone under
whloh it 18 ma de, emount 8ll4 ohrr-
ld bhe lx e o t
lotar thareof."
Smtlon 13 O? ArtlOlo 5068-1, 8upre, mad8 88 tol-
1OW81
'SIO. 13. It I8 tho prlmery purpo88 Of thl8
hot'to 8eoure to the aembors of thr lsrooietlon and
their beaerioierloe ths fall and prompt payaont of
all 0185JM aaoording to tha a81i~ b8Bdit pro-
ridod in tb8ir orrtirloat88. It 18 thwerore r8-
quired of all assooistions that al1 olelm undrr
oertlrioatrr b8 paid in ruii wlthln rixty (60) day8
art,er rroript OS dur proor of rlaisr.
lororabl* trrrr team - peuo 3
Wrlttsa sotloo or olala 6lren to the esso-
detlon ‘hell be Iroua duo proof in tha sreat
tk l88O~istiO
fa
a il8
Op OBr r Oa :pOt
r B OtiOat0
furnish thr alelaaat, within rirtO0n (15) days,
ssoh tortas aa em oraelly furnlrhod by it for
iii* olelos.
'Aay s8sooletion wbloh rhell booon; aneblo
to pay lta vdia llelu in r0ii within slrtf (60)
arts lftw aor proof0 em rooelved, *bell ror the.
purpore or this Aot be ro er a 0l
48 lneol+ent, ana
dealt with a8 18 sore ful!y prOrid herelneitor.~
St rpprer8 fro8 the two pr8ordln(l prorlrionr or
the 8tRtUtO thst lt wee..the 1r~lrletiTrinto&t that the
oompenie8 oabrsord theroln rhould rt 811 tlmr ha?@ on de-
pelt with the State Trrarurar e88et8 ramally oonvrrtlble
Into oe8h. whlah ths rourt rradrrlsg judgplont sgelast saoh
b,:o:lnt~ oom any al&t aromr robjrot to tho pa-t
It wf 11 br notod thst Sootion 6, titlola 5068-1,
rxprrssi, prorlaost ‘Suoh drpoaltr lbell bo lleblr tot tha
pey8ont or a.11 the jUdfpOIIt8 againat th al88OQi@ tiOn,
ana
sobjoot to gernlehmnt 08 to final jod&arnts egelaet the
88100~8tiO~.'
Ua 40 not ball~re that the bonds in qua8tlOn, by
roe8on or tholr non-trerforebleend wltharenl meturlty
ieeturas are 8uiflolentl~liquid wlthln ruoh reasonable time
for the payment or jua&wnt as WL8 sntlolpete4 by the lo6189
lettare. Thwaron, we hold that thr bonds in quertlon oennot
bo aeps8ltraunder lleotlon
6, Artlolo 5066-l.
Trurtln8 that thr ioregol~ fully wmwer8 your in-
quiry, ws era
,Yourr wry truly
ATTORWBY OPNPRAL Of TBXAS
Ar4rLl WllUeu
A88irtaat
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