Untitled Texas Attorney General Opinion ( 1942 )

TEEATTORNEY G~ZNERAX. OF ?lhcx&3 Mr. Graham P. Stewart Graham, Texas Dear Mr. Stewart: Opinion No. O-4324. Re:' Should a SO00 deposit In the First National Bank, Graham, be returned to the Brazes Rlver Conservation _ . & Reclamation Dls- trlct because the President of said Bank has been selected &nd qualified as one of the Dlrect- ers of said District? You state in your letter of January 14, 1942, that you have been:appointed and hav& qualified as one of the Di- rectors of the~Brazos River Conservation & Reclamation Dis- trict. ,,: You state that you are the President of the First National Bank Fn Graham, and that said District is carrying an account in said Bank of $5000~. .- Under theabove facts YOU ask: "I would like to be further advised by you as to whether this balance should be returned to the proper authorities of the District to avoid any possible criticism OF vlolatlon of the law due to the fact that I wish to serve as a Director." The Braeos River Consepvatlon & Reclamation District was created by a Speclal~Act of the Legislature in 1929, arid has been amended in some respects at different times. Sec- tion 6 of said Act provides: "The Board of Directors shall elect one of their number President, one Vice-President, one Secretary, and appoint a Treasurer, who shall furnish a bond in the sum of seventy-five per cent of the amount of money estimated to be on hand during the year, In no event to be more than $100,000." There is nothing Fn'the Act creating said District that requires the Treasurer to be a member of the Board, or Mr. Graham'P. Stewart, page.2 ,:. O-4324. : places any llmltatl~n on where he.shall keep the funds on deposit. The Board of Directors has general authority and:. control over the entire business of the District, and it (the Board of Directors) could, if it desired, make ~recom- mendations to the Treasurer. His bond, however;.requLres him as Treasurer to keep the funds and pay same out as and when directed by the Board. It Is our opinion that It 13 not a violation of law for the Treasurer to leave the $5000 on deposit In the First Nati.onal.Bankat Graham. Whether this action would' create criticism is a question about which we do not have and could not therefore express any opinion. Very truly yours ATTORNEY GENERAL OF TEXAS By s/Gao. W. Barcus Geo. W. Barbus Assistant GWB:MR:wc APPROVED JAN 27, 1942 ' s/Grover Sellers FIRST ASSISTANT ATTORNEY GENERAL Approved Opinion Commi%t& By s/BWB Chairman