Untitled Texas Attorney General Opinion ( 1939 )

OFFICE OF THE ATTORNEY GENERAL OF TEXAS AL&TIN Hon. Ctlmley Lockhart State Traaeurer Austin, Terse Dear Sir: We have for aaknwl 9, 1939, wherein you re aeat upon the followLaa, relsase wh4n 4ay af 0 euateapletes that the &44 in rsspeot 40 844w- 4 tenam a the Ad. Th4 Tr44aurer is, of oourse, wa4eolz7 to th4 4rfecCir4 aU~11ais- treeion 0r the tN~t. TEe StatsTreacrons 26 thirrefaw eat&- orSeed 8nB requir4d to me to ittbnttb488 dutire ax4 per- f0m24a. Ewarer, it ia, of eourw, not oenttmplatd br the statutes tlmt the Stats Treamxmr eh4uM, 4ut ai 3fat4 lb&VlO, Hon. Oharley Lockhart, June 16, lQ?i& Fag@ t. defray the cost of reoordlng these assignments,but the oost of this must be defrayed by the oorporationdsposit- lng the seourltles. You also ask the broad and general qusetlon as to the duties and reaponslbilltlesof the State Treasurer as regards the seourltles plaoed with him under the trust agreementsreterred to in Artlole l&24-a. The law oontamplatssthat the Treasurer shall reoelre as tmstee, euoh eeouritissas may be approved as ellg~ble and aufrlolsntior deposit, in wrltlng, by the State Benkl~ Commfasloner. These aeourltlea are to be held by the State Treasursr in aooordanoe with the farm of the trust agreement whIoh shall have been approved in wrltlng by the Banking CoDIlnlsrloner. Suoh asourltlesare only authorized to be wIthdrawn ima the.posreasIon of the State Treasurer upon a written osrtlfloate of autborlzation to do 80 from the Banking Oommisslonaror Texas, whloh.oar- tltiaats shall be filed with the State Treasurer;and whloh oertlrloate shall state that the wIthdrawal of the parti- oular eeourltIasIs authorized by the Banking Oaaniaalonar and that amh wIthdrawa will not raduoe the amount of 8aourltleabelow tha amount required by tha Aot, the Aot as 'youknow, requiring that outatandlng installmentobllgationr of the oorporatlonshall be aeourad at all times by aeouri- the having the reasonablemrket value equal to the wlthdmw- al or oanoellationvalue oi suah obl&atlons outstanding, The law leema to oontamplate ohieily that the State Treasurer shall be the oustoblan of the reouritlaa, and that he shall deal with euoh aeourltls6 in ths manner providsd by the trust agreement approved by the Sankirrg 0mmiaaloner, at lea& lmwotar aa auah trust agreement doea not violate the terms or the law. The above disauralon of the dutias and rwponribi- lltias of the PltateTreaenrer with regard to them BeOuritiea, la, or naoesslty, rather gsneral. U you will Uireot our attention to any epeoiiioaattsra upon whioh you are In doubt, we will endeavor to adviaa you. Yours very tinily ATTORBJEP OEHERALOPTXAS StwFlWP