Untitled Texas Attorney General Opinion ( 1944 )

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OFFICE OF TNE ATIORNEY GENERAL OF TEXAS
2
AUSTIN
II
&“I” srl&raa
rmr*er’ c&lrdL
Honomble R. A. Jeml~on, Commlsrloner
Deprtanent of BRnklDg
Auetln 14, Texas
Dear Mr. Jamlaon:
l&ion into a State
we am requested to
AD herdaabove
0tia ha8'not fua0r0n
there hem bean aaser lflth
lar, lnvolvlng the aonvor-
rlon of 8 StRtls oharterod assoolRtlon into R
Pederalawoalatlon. we are therefore ln need
of advlos as to the app(~lflo requ%Msslts
vhlah ehouldbe lmposedbythlrDspertPMnt8s -
a oonilltlan preaedent to the appFati1 or the
propowl nev organlzeticm under a State abarter.
Honorable 8. A. Jaznlalon, Pa&e 2
"Our study of the building and loan law
. suggests that perhaps Saotlon 21-a and Sea-
tlon 55-a slmg ulth various other sections
which have to do wlth the Inaorporatlon OS a
aavLngs and loan asaoalation will be Invoked
In the enumeration of requirements or steps
that must be folfoved to bring about the
conversion of a Federal aaaoolstion into a
State chartered aaaoalatlon.
50 appraalate the fact that the appro-
prtate Federal 8genoy will igpoaa certain ra-
quIremfmta partalnlng to the tranaaatlon but
ot thoao we ara not aonaerned, but rather as
ta requlmrmnts vhIoh M should Impose.
“A apealflc problem vhIah oeoura to us
la represented by a question a8 to vhether
or not thzwugh auoh a conversion the nsult-
3ng State aaaooIatlon would acquln all of the
right, title and Anterest in 6x4 to all pro-
perty of eve= kind and ahanoter, vhttther
~1, personal or rpixed OS the Fedenrl aaaoois-
tion by opalst1on OS law end vlthout any ooa-
veyanae or transfer vbatever. In thla OQnnOO-
tlon your attention la dlreoted to Subaeotlon
(d) under Seotlon 554, aaptloned Wonvenlont.
This, ag oourae, has to do with a State aher-
tored aaaooiatlan teing aonverted Into Q Fod-
era1 aavlnga a& loan aaaooiatlon, in vhloh
event lt follow through Subasotioh (d) that
the resulting Federal aavInga and loan oaao-
olatlon aoqulrea all of the right, title and
lntenat In and to assets of every nature and
kind by opemtlon of lav and vlthout the detail
oonveyanoe thatolghtothervlso be requllwd.
"In other vorda, we an wondering If this
right, vbloh la a valuable one In napect to a
tranaaatlon aaibmaing tha eonversion of a State
aaaooIatlon into 8 Fedemsl aaaoeiation, can be
oonstrued to vo* ln reverse aI3loo it EappesFa .
under SubaeotlonSoS SeatIon 55-a that it vaa
the Leglalatlve intent to provide a rule vhIoh
IIonimAble H. A. Sam%aoa, Page 3
_ woul$ work both vays insofar as it was vithln
the jawladi.0tion of the Stito Lagialature to
leglalrte on mettera effeatlng Me-1 asao-
aMA.ona.
1) . . , . a
The gtitofyour Wulry 2s otidenoudby the follov-
I.128 statement in your letter, to vitr "We are therefore in
med of advloe as to the apeolfio requlrmenta vhiah should
be lmpoaed by this Departsmat as a oandition preoedent to
the approval of the proposed new organ.imtion under a State
oharter."
Your question la 0017 ~~eral, %ndeod, it neoeaaar-
lly must be st this time, elnae there la no of3norete quea-
tian before you. Our anewor, thel*fon, muat of neoeaalty
be Ukevlaegeneml, llthoughve thlnka~hgeneralmaver
vIllauffiaeyourpreaentaeeda.
Sewtlon 54-A of the Build- and Ian Aaaoalatlona
Aat (Vernon@a CodlSloatlon of the Olvll Statutes) Artlole
8814, Bubdiviaion 2. la a8 follovaa
"AnyFoderrrlaav%aga andlanaaaooia0lau
aharteredand operating utvlt3roBoderalrot,
atherviae eligible to beam a atate bullding
andlocmaaaoolation,~y oanveti Into* St.&e
aaaocirtlan in acoordaaoe with Federal lava aad
aubjeat to exsMnatlon end appmml by the Bank-
ing Canmiaaloner of the State of Texas.”
Private ahikrtera are the grants of rovereignty
orestlng artlflolal persona -- leg81 sntltiea -- vlth the
powers and duties therein oonferred and Imposed. Ho aovereIgn
state may grant a aImrter authorlslng its oovpanrte entity to
eixgage in its oorporate bualneaa la another aovenlgn state
vlthout the consent of the latter. Thla, of oour50, la aub-
jeot to the explanation tht a Bedmel ohrter to a private
oorporetlon may authorize it to aamy on its osrporate b+ul-
neaa in any state of the Union, reg8mUera of the vlahea of
auoh state; but thla la not In oonfl%ot with the dootriue of
~olualveneas of lndlvldtml sovereignswith referwoe to the
twanaaotlon of burlnera vlthln its bordwa bJ prlvstely-
ohartered oorporatlona. Racsh state of the. Union la a part
Honorable H. A. JarleOn, PaSo 4
and parOe of the United States as a aovenlgn.
From this fundamental aanalderatlon of aavereIgnty
and aorpomte povers It rollova that no state aharter pay
be Laaued in this State to a bullding and loan aaaooiatIon
exaept In oomplIanOo +th the Texas statute govemIng the
or@uUatIon of auoh oorparatlons. It llkevlao follow
that no Federally lncorporeted awInga and 10an aaaooIatIon
may be arganlted or dlaorgaeited save ln aoosldance with
the lava of the United States.
The word *convert. ” in the last-above quotation
iron Artlale 8&a-54-A la used In its popular sense and
not In any teobnloal or legal sense. In other words, It
oontamplatea the abang0 of a Saticinal or Federal awInga
ywt;n aaao4siation into a state bulldhg 8nd 10an aaao-
ThIa In legal 00ntarplatIon 0an be aoocepllahed
only by-the disaolutl0n 0s the one InoorpcwatIon, &ad the
Ineorpwatlon of another as its au0oeaaor In p~wera, rQht8
snd duties aoaslatent with the lava governlag the new in-
o~ep~c.8t&lo and aoaeptable of OOurae, to those SovemlnS
.
The govemlng statute vlth reapeat to the ar-
tlalea 0s aaaooIatlon for building and loan aaaoeIatlons
In thla State la ArtIole 88l.a-29 of VernOnwe Civil Statutes.
Any aaaoolatlon being organbed for the purpose of canver-
alon of a Federal afwlnga and 10en aaaoolatlon, must of
neoeaalty oappQ vlth the xwqulmenta of thla~ statute be-
r0m It aan reaelve a olrartea or have a oorpomte exIatenae.
Perforce 0s the express statute ri2-d quoted the Bmklng
Ccmmlaaloner upon being tatIafled, la authorlred to laaue
~~~oertlflaate of the fIlIng of the artiolea 0s InOorpors-
.
In this oonneotlon, however, you will bear in
mind (as your letter lndloatea you have in mind) thst there
la no statute In this State, and Indeed there could not b0,
provldlq that upon the conversion of a Federal aavlnga and
loan aaaooiatlon Into a State-ohartered bulldIng and losn
aaaodatlon, the propertlea, rights and the like 0s the
Federal should be veat*d in the State aaaoolatlon~ so &t,
before approvln~ the artloles of aaa~iatlon of your or@+nit-
lng State build&g and loan aaaool8tIon, It would be neoea-
aby for a proper tnmsfer of the property 8nd rIShts therein
Honorable H. A. Jmlaon, Page 5
0s the federal aaaooIatlon to the State eaaoolatlcm.
At leaat, 8uah tmnaior ahould follov forthwith the aor-
porate organIa8tlcm 0s the State aa~ooIatlon.
We aannot advise further In dotall, nor la it
n6oeaaary to attempt to do so at this time, but we ohall
be glad to advise further vhen tha neaeaaltIea therefor
may orlao.
Pourproblmala Iadeedanev one in the jurla-
prudemae of thla State and your anxiety to prooeod vlth
proper offleIal dlaoretlon and legality In all reespeota'la
moat oaamundable.
Very tmly your8
ATTORRRY GRRRMLOF TIKAS
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