Untitled Texas Attorney General Opinion ( 1939 )

OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN Lhrch 29, 1939 ~wsIIL~.,:of :;rticie1529 or 0~ stfitutes. xe have oaly 03x2Tcxcs cam on this -pint, City of San :~tan:o V. Sr:ivc:tion Jxrzy,12 5% OGO, nr.18 that aase :n of little help, for the Pacts ore tio re- :uoteDori the :>rencr&sltut&io:lto throw any ll@t, cm our >roblem. Yhe Oi-.lahomCorpcratlon bns a CXp1tCX.l stock divided into four hundred shame, 4th r-. per value of five doll-a eaoh, It 1s al-. lowe& to earn nn night per oent Soak dividend or six per cent ossh aivldend per amum. Tl~oaed.lvl- dendJ3areQaldto owMraoratoolsk,sarps 0rwb lpaynnt bouser8oftJ.wolootrlo powarrurnl8~ bythla aorparatlcmr Tha to6t pmmul@ssd la. ld Oorptm J&a, Corporatlona,8eotlon Sl,l8tbatitmahamet~ or ohms lo datexmhodbytb powem aonforrod~ It by lta oharter -artlolo8 or oortitieato at in- oclrprat1m wbn lormed uaor a general La. :&I examln6tlal of WI0 6rtlolea pr$6enen to ua eon- Ylnoos llnthat the aouthw& lmotrl8 Go- operative Isaraatedibrp4mnlaryprotit far. asldo mm other boQorits, It aan rw8ela ba arpeotbd and IS permItto& .to etaxndlridonds ror its etookholdm or mombm. Sgoapdly, you iiakIf a pralt miy ba IseUed to an elootrlaal (loOp6r&lm organid ior ptmuniarp profit.Artlal*lsaobor OUT statpt69 pr0ridei3ourrul.08 r0rawia rum%eaumi- iloatlonooopratlYkl aaSpomltlcm. Th4 utatute.. lpaks0n0pnrriafoJIt3rorthe 0wftnoeora ahim iorelgn oorporatlonloto'Taxam. liovmm~r,it -6 not pwhibdt su8b anonWano~.- ApelerLtmybe issuedtheraI tuttbeymuatuome in undortha $ea- eralru3130rthh1 atea relatkytoa rarolga oorporatlon. Your me& qutytlon alma aoka ii ArtI- cle.lSO may be disregarded bygrant%ng a rare&n oorporatlon, that does not have rirty.wr omit or Its aapltdl &oak subsarmed, a germIt to do bu8i- neas In Texas. We rempootfullyadvise pau that we find no authority, statutory or otberwlse Mat t!:1s2-0:~ iire:‘;Bnt. In view cr our atmserb to rueatlonp 1 ~6 Z, of four reqi;est, we to not think It nccem- stay to unswer questions 3 and 4. You are heruby aWlsed that underthe .. .,.i .