Untitled Texas Attorney General Opinion ( 1944 )

OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN Attentioar Xr. R. J. (Bob) Long Dew 8lr: upon the 08pt10aaa rolloue I nt,lnterprote the opln.ioltle b o - a h ieneo r p Elsm% uneer ilt*tutee wh 5 lteIeBvoPO- lo amndmnte to ahartere one, meok- to abe- no p ;aLu+gktook to par ~81~ etoak. The rtternwm of ation rir80tee are contendedtht Opla- loll IItmrer o-5792 doe8not 8pplyto aorpowtione 0rgbnit0a underthe gewrrrl uorpor8tion Iltatutee. “we, tamreforo,roqueet 8[L oplnio?a rrar your depertmeut rdvielmg w ii a oorperatlon organieed uncler tha gonor aorporatioa lere with ltoekof ao par valuecw oonvertits lteak ai no p value altoetoak 0r par v8sua.’ Oplnlailo. 0-57pa did lpeelileellyholdth 8tl liie inew& eorpcy uhoee ebme OS ltook we without nomlael er per velueouuaot le6ellreoavht rueh etoak late etoek 01th nminelor per velee. Siowvw, in rewhiag thie8onalueion, the l8uegovornimg aorpomtieneln gene-1 uere aowlbro4 bnd lppllod, vlth raIuwno* thereto. Sm ltatute rettully roferrod to belm# Artlola lS#!h,Veraen' Armoteted Civil&at- utoe, rhleh made: ‘A4 prlwto oar ration far profit,08hor t;~m8;e tr w.re4 aoadwt a balIking to luth o r leo a h de r e ulthp m o r we0vd, o r%uw l tithmtW1 or par velue,o both,wr, byvoto oithoholdo~e ef 6 wjorlt~ ef it8 outetardlag *to& entitled tovotert~uraulYotirrqo~t~go~l wllod uel bald ior the purpoer, meeting amud it8 ohertor 80 a8 to dmafw it8 e&roe OS ltwk 81th par oriaer velue,op~eWee oc sUeroe there of, late the came amber or -toa Urger or trll- or amber oielmree~rlthou.aamlm~orgnr velol, proWlo thetell Wee Jauyau elee*allbe ehmgod oa the em8 brie, or 80 a8 to q it8 ehuweulthout nm&nelo~pIvelw, er~sleee or olaeeoetherotor (thorwf),istoa largerw am8llernumber0reb8roe~lthaataamuwlegu? value provided that all lherqe )a rpf otu elaee ehllbe aheagd orrtho umebaelas uUrpovlde& further llmitetlaae, that the pr*ter*ao*e, rQht8, plvlleg*euwI r**trlatlone tedorapoeod ulth reepmt to uy ehrre 0F outetmUag ltook ebll not k impair.& dlmlaWw6 or abtm@ rlth- out the o-eat of the holdor tbwmoi. Uhouovmr eWl1 be m4e efieetlvo, a nr lwh aaeadment lll the eharee withper or iroe mlue oftb cleeeer olaene lpeoiilodlauldundaeate&llbedeem- ld for all urpowe to ha*0 ken aoavertod, ea the bee18 in w Ip d amndmat etated, elwoe vlthout aeminelorprvelue of the oleeeroleeeee epe- aiiled end all of the ekeroe wltheut a-1 or p a r v& e o h a ng e d into l la r g e ro r er ller amber of eharoewithout neminelOR per velw ebellbe ded r0r lll urpoeoeto bevebeoa aonyorted on the bee18la ear4 nmaumnt etato4 into each larger or emller aumberof lWo8 ulthd lwmlatlOr pe2, velue,,mdthe ccrpcratiou ehell,ln urltlug, notify all holder8 of etoek of the oleee ci eberae w etietae effected (Ufoatad) and llpqlltheroaftec, for aw lwh l!nraeie uhatwvor any certiflacrte preeented Sor trmufer or uabcsp, 6@ace2 the nmi, md in it8 plaao, ieeue,on the baeleln eeldarand- ebat etatd, a wu urrtiil8Me,vhloh-11 eoafom to the provleione of Article 1538b horoot." Thlelrtlole.doee of par v&u@ lteak petlituotworelon i&o stook OS no pr value. Tho r 1 08 no lua hluthoriutlon to t,h to ma tr a rthat y; le, fo rth acoavoreloa o letook o fm per ~81~8 isto lteak of per velue. It 18 elemsnte4-y thatall the pmbri of l so r p o mtfo a we derlvod rxeluelvel~ from .the Coartltutlan.* ltatutre. slma o ther6 18 no pouor g lvio gl asrposcrtlon th6 right to ooa- ver t ltwk of no per vUuo lateltoek of pu vaLr#,ue lgr6e with pDup dopertmat ‘8~ l.ntmpretUl.olz a? our OptgLon Ilo. O-579a. Weed on tha foregolag, we ukvuor pnr queetlan in th6 neg8tiv*. Vry truly .foure ATTORXRYoxlmL0?mKA9 ~/gigcdor Robert 0. Kooh Aeeletmt RoKrdb