OFFICE OF THE **A ’** **ITONNEY**GENERAL OF TEXAS AUSTIN 

# 451

Statute8 , and “in the bus&to b&141)**end** athe Xsusp4atedtb44bart4r up044 stated in ~rtiel4 t

on is 

### r0rrpadfor tb ins -n4Y* P=obasiry, pllr-

**, bonds** **and**neeuritfes, 4g44) of aating as trustse

, ooamittedto it by aontraat 4rfon~noe 0r 4ny lawful aat, '49or Artiale X502 or the

aohed t&e aonalusion that the 

### as’ 1s 

### not a "dealer ia ez(lhan@ &I aontecwUtion oithls rtmate. The 

### quated term is nowh@re defined in the statutes, nor La W word *4xobfmg4." HOWBIB~, ,FD. the Weijotiable Instruezts m, w4 do find the definition of a "bill of 4xohange.* 54~. 126, of Art. bS40, Revised Oivll Statutes, mats:

# 452

. 

### wAbill or exohti~g4ie an uooonditicnal OAU &I writLn& 4ddnrsed by on4 pes40n ta snother, signadby the person g%vIng it, r4puIr5.21~ the person tombra lt is addseased to pay w d4nand or at a flx4d or datmm$aal;4gr4 tlm4 4.4~ a4rtaI.nin monsy to order

.* 

## saotfoms

184ana188,of&MO14 ZMV, 24ll44d Oi+il f3htut48, itisa a part of the 84eotlclbl.e Ins-t8 La) Aad am fQllowst I'

*A **rwotiabls** p~~&emory mte' rftbln t.54 **analas ’**  or t&m Aot 20 an 

### unooadftlonal r od.e4i.n8rit~d4 by 0214person to axmf;her**algnsd** r th4 maker m ‘-- to pay on demand, .or at a fired or d4terakrable fihm tb; a.sum aert4i.nia.m4~ t4 Ord4r or t4 b4ar4r. rraSn,a note,is draw& $0 th4 mak&s own 4+,i+, 2s s4t tlaup1.4t0

until fndorsed by hlln.
*A oheok 15 a bill of exahaage dr4ma on aW PaJsbrs on 

### d-d. IbcoSptas h%r4in otherrriea **proliad,** th4 provisions oi thl4 aot apylloabl4 to a biLl of em&as@ payaU4 on am apply.to 4 abeok.*
lo*lngt Ia V&l. 7, Am. Jux!.,.a*pago 790, w4 i3nd &4 fol-

*BU.s or 4x0h4&4 OT awt8 oanstitute 4mmtd4l 

## thedraww

wishsr toavailhkswelI at

## th4plko4

wh4x-4 thm **bill** is wae, 

### th%drawdr be* ta4 party pr5mrl.ly iat4r4sted **ln, and** hn4rited **by, th6**  **tmn@aQtion. By**  **+tds latrG=nt**  of exaban@ thirdrmwr appropriat4s ths'fund,'aofilal QT **antioipatad,** ia the ctmm44~6 hand and reoefrer th4 am- 

### .aideratlon

ror the appropriistionfm ';ba ~4~44 to*a the iastruaent of appropriation ia dellvsr4d: Lh4 offSa of'th4 Lnstnunsnt Lo .tooolleet ior th4 **draper tma**  **th,** drtn144,see&ding In cusotherpla44, money tawhloh the 'for&m nosybe 4ntitled; sod although draits eo=4tlsa4 ar4

## uOOa r0rmisinqmoney that 

## is not

## t;lemcas8am
or ordinary purpose for &oh th4y are e%plo?ad.'**Hon. Zdgar**  **A.** Xaddox, pags 3

And, at page 795 of the,sam volum oi -tierioJurleprudsnoa, oa find this:

W%rioua definitions oi a ~ramissory note have been given. In general t4m5, it day be defined tobe a urltt4n promise by on4 perraonto pay to another person thorelh named or hintord4r, or to the bearer, 4 fixed sum ot money, et all events, and at a time speoifled therein, or et a 

### time whioh mud 

### oartalnly arrive." While bills of erohange **and**pr0mi~00~ notee are mioh alike, ther4 ar4 differena4s between theat,thus wocgniz4dd'byour statutes and bythe oommon law. he we underate&, th4 oorporatlon in qusation 4-46 in th4 buying of notes, nothing 4184. If 80, it does not deal with bills of 6x0-4, they being difrerent lnnstxua4nts. Mineral X4118 Investment
"T wan inoorporated uuder **olauss** Ho. 49 of Artiole 1x12, 24-1mea Civil Statutes, readinS as follower

**Vor.any** 

### one.or more of the following purposesr To aooumulate and lend mne , purchase, 8411 and **deal** in notee, bonds and seouritT4s. but without banking ad dlmiounting prfvilogse; to eot .a6trustee under any ,expresstrust ooa&$ted to them by oonbmot and as agent ror the perroix%finOoof any lawful %Ot." W4 find authorization ia olau44 No. 66, Art1014 1902, to inoorporato 'to bujr,rell . . 6 

### or others164 deal 12 . , . bil&o 0r sxohang4r" Thus, in th4 ~ertiale

## orour statut4s 84tMag forth the purpoees ror which private oorporations may b4 rorrsaa,we rind on4 sootion authorizing theforxat20n of oorpcratiom to ~purchaa4, sell aa &eel in notea,“ end another s4otScn authcriaihg the orgnization 0-rcoryratione to "buy, s4l.lor othemiee don1 in bi1J.sof exohehge." In W4b,bsterca

I&w I&4rnational Dictionary, o;ieof the datinitiocs given of the nouh nexohangen **IS: “** **8 bill**  **of exohai~~:**  **3s** oan asorlbe no other roeaniugto the word "BTOfiBnCe,~as used in hrtiole 7165, than that of bill of 4XOharye, SO fkat C&3 term **“ dealer**  in raxohange; es unredin that statute, xe+vm a dealer in bills of exohcnE4.,.. .- 

## 454

Hon. Ed@P A. Wddosc, page 4

Other queatlons rSlaO$ng to dealers in exohange **are eubmitted**  **by you,**  **but** they h+hge~on 8 **different anwar**  iPolpthe one **whiUh** we have given to the and need not k nvticed in this optaionrabove **question**

**In rwr**  **8aw** letter **you** aldla**requeuest our**  **opinion** in respones to these queetlQns1

“Sottonda In view of Art1010 889 D, Penal (lode, remlatiag transportation 

### for pereons ror hires tramportatlon agenoise for obtalrifng oo-traveler8 to share neee# licenses and the deolsfons thereon. IO it

**an lndividuaf.**  **iho has**  **a driverts**  lloonse 00 with tha rxi8tlng law8 of the stats of Texam W&d whose automobile fs oquipped~wlth ordinary paeeenger plats8 and no **others** to oarry **paosengers** 

## ror hire 

## rr0ap

0116 point

## in the Stat.3

## 0r Tectrspr to another polqt 

### in the **State** of Texae? Would the 

### opinion be different if the.lndividuaf,had a chaur

## r8wi3 lloense issued under the existing iawe 0r she State oi Texas? Would the first o~inlon on this **quee** tion be **diitsrent** if the,autoaobile ia equipped with oomersreialplatea?"
You have our opinion X?o.O-3770 and w% enclose chopi* of Wumbers o-1430 and O-1932. Those opinions nay suimiently dlepoae of these quertlon# arckedby you, **deppending** upon faote wMah do **not** appear in your letter. Ir euoh oplr@na **do**

## notmeet **your meid8,**  **we**will be glad to hear from you in further detail aa to tti'ooperations befng oonducted and In whioh you are **lntarested.**
Your* very truly **ATTORNEY**

GENERAL OF TEXAS

Glenn R. Lslarie Attaletant
GRUAu14
EWOLUSURES