Untitled Texas Attorney General Opinion ( 1944 )

. OFFICE OF THE AlTORNEY GENERAL OF TEXAS AUSTIN . ‘o”OV~m.o‘I.=“* - .. brro”... *=*.I.. Njeot- Honorable H. A. Jamleon, page 2 It Is the oplni.ono,fthis department that the poliog of your depeitment,atistated by you, Is in accordancewith the true oonatruotlonof th6"statute. The pertinent part of Section 25 of Article ggla of the statutes Is as follows: a& & 6, and provided turther that no bulld- ing end loan association shall at any time make loans In the aggregate in exoess of fifty thou- sand dollars to one borrower unless suoh loan or loans In exoess or fifty thousand dollam shall be not more than one-half of one r cent. of the aa- seta of suoh assoOlatlon;* * J"I* This means that such "loan or loans In exoess or rirty thousand do&lars* as a whole shall not be more than one-half of one per cent. of theassets 0r tl33assooletlon. It does not mean that that portion of such loan or loans which portion is in 6x:- oess or $50,000.00may be equal to one-halr of one per oent. of the assets or such essodatlon. Your Instance of Illustrationis apt, and correctlystates the true rule. Very truly yours ATTORNE~GENERUOF!CEX4S By (8) Ooie Speer Assistant APPHOVED JON 29, 194.4 (s) Geo. P. Blackburn (Acting)ATT&FWYEYNeRAL APPROVEDOPINION COMMITTEE BY (9) m3, 0HAIEM.m