Untitled Texas Attorney General Opinion ( 1943 )

OFFICE OF THE A’VORNEY GENERAL OF TEXAS
AUSTIN
. 1
3.67
*As D spccffie case In point, you JFC a~lvioti
that the aiructars of enbjoot corporatim 32e not.
pualiflud 2.0scrvc aa suah using the basis ot quali-
fi.ation 6et out In scctlon 33 of our bullzI.Ingand
1oap 1we but aald alrootors are eli&$ble to serve
&s such uu&er the ufeomari lam w'hlch is the state
of.the it\st.itutiou*s legal dotialle. tik``&c, Sob-
t&on tg9 of the building and loan laws of this state
oonttxln oerteln llmlt8floaa as to imestmmts that
@re,,nof'tp? 8emQ as Wta@ons set out in the in-
Ye.~tsleutpr~tloa IJl the JtLesoarl zsw, zlnd all3 or
atim pxwmnte a store serious aspect to our in-
aatrp 'then dooe the d.tresetors qxlalif+icrtiori ques-
.W@tl.
*AS WdlCdtQU t%O pOlnt on which TO do-
abWe,
sir@ your a&ices is vhether or not compliance lath
the 1~5 0r m3x.a~ is swted to th6 buainesa which
the asafmlatlon doea In Texas In come&ion with the
a5alcin~ or loans Gl' the sellin-, of stock or does the
.. sta,tut.econteq1ata that a i%rdgn *asociation ISI
respect, to It5 over-all 0peratlOn must cmupl~ tit& .
the Buildlag azxl loMa SeW9'0f this state.*
The rQlQnring.Qrw~r3lons or tho Busldfng and rAanAsso-
cl&ions &at ~42 thought to bep.~tl.nent te your inqpfryr
~Should the fknkiqg Coosrdsalonerof Texas M&l
UQM iiwiaalnatlonthet rrueh foreign association do-
not CQnduot'its bua%x~slisin aocQrdanee dth 'lau, l 4 Q
1% (ha) w rwoku the c~l?leate of allth?ti.ty.gzklnt-
iqe;r&h f,omlgn ossociatlanto do bdsinqse in this
stlito; + + 6-f. --Art, ssla-64, Wrnon~f3 C*Y . s*t i
980 foreign hulldIng and loen assoeiatlfln &all
ae'permitteb to do.JKifdneas in th+ Stat& unleee all
the proolreimu~ Of th3.r~Act are fully compliecI with.
3 * e,
*All OS the rules and rugulat+ionsand all the
turn;8end cotldftiGnshemin contdne3 PppLicab'Le to
the oporatlon uf domestic corz~ani.os, are hereby ex-
prossly axle applicable to for&m companies under
this Aot. Any such association violatln,czmp of tbe
ijrgtQ c~sB~].``ltb w
OS ;Lts provisi.oR§, shall be subject to a ?i.ncof
not less than tmc I‘hMm?d f$lw.uo) nu11z.rs nor
wcro than wivo Bundrcd ($tiW .GCI) uot1RPs, suc.b
fi.ne to be reowereit by 8n bastion in the name of
t&c ststc or TI2Kes SIR RRy court of coliqYh3nt &lx?-
fdiction and, upon the ColleCtion thereof, the
same shall bi3paid intu the state Trca~ury.~ -
srt.s81+66.
it ie~fWmstn1
law, of course, that no Poreign
corpcmkti40 hse a rigat a5
0s course to oorry on its cer-
porats business in T-5 aitimut a permit to do so. CorollRPy
to this is the mrtber prinoiple that the (2tatemay lzpose up-
on such f'ereigncorporation whatevetr uoaditfens it sees fm, to
iazposeas u ocmdifian to Its Ming ptBmftt0d to do burdnses in
TOXRS . 80 question of constitutional right or prWM3ge.eoms
into the cam, booause as state&, no forerlgncorporation has
any right OF pradlege whatso@m.r to eopo Into the Stste ex-
cept upon the term lqmseii by the Stste.
Rang; the prov'isionaOF our Buitdlng and Loan Asso-
ciatfona Act in reapeot tofer&@;n c~erporationeabwe quotedz
and corisia~ theInin coRRection wsh the cntwc A.ctOS whic+b
they ooMtitaei3 a part, we am clearly.of the opiaaon that a
SareQn aorpmgtlon holding a pemsit~ta ctarryon its buslncss
in Texas mfst cimhat its opemtions in all substantial re-
spects in e+ooortlrm