OFFICE OF THE ATTORNEY GENERAL OF 

AUSTIN 

TEXAS 

Attentioar Xr. R. J. (Bob) Long 

Dew 8lr: 

upon the 08pt10aaa 

rolloue I 

nt, lnterprote the opln.iolt l e b o - 

a h iene or p Elsm% uneer 

ilt*tutee wh 5 lte IeBvo POlo amndmnte to ahartere 

one, meok- to abe- no p 

;aLu+gktook to par ~81~ etoak. The rtternwm of 

ation rir80tee are contended tht Oplaloll II tmr er o-5792 doe8 not 8pply to aorpowtione 

0rgbnit0a under the 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 l toek of ao 

par value cw oonvert its l teak ai no p value 

alto etoak 0r par v8sua.’ 
Oplnlai lo. 0-57pa did lpeelileelly hold th8t l liie 

inew& eorpcy uhoee ebme OS l took we without nomlael 

er per velue ouuaot le6ellr eoavht rueh etoak late etoek 01th 

nminelor per velee. Siowvw, in rewhiag thie 8onalueion, 

the l8ue govornimg aorpomtiene ln gene-1 uere aowlbro4 

bnd l ppllod, vlth raIuwno* thereto. Sm l tatute rettully 

roferrod to belm# Artlola lS#!h, Veraen' Armoteted Civil &atutoe, rhleh made: 

‘A4 prlwto oar ration far profit, 08hor 

t;~m8;e tr w.re4 to aoadwt a balIking 

%uw 

l uth o r leaohed r e 

ulth p m or we0 vd, or l tithmtW1 

or par velue,o both,wr, byvoto oithoholdo~e 

ef 6 wjorlt~ ef it8 outetardlag *to& entitled 

tovotert~uraulYotirrqo~t~go~l 

meeting wllod uel bald ior the purpoer, amud it8 

ohertor 80 a8 to dmafw it8 e&roe OS l twk 81th 

par oriaer velue,op~eWee oc sUeroe there 

of, late the came amber or -toa Urger or trllor 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 olaeeoe therotor (thorwf), isto a larger w 

am8llernumber0reb8roe~lthaataamuwlegu? 

value provided that all l herqe )a rpf otu elaee 

ehllbe aheagd orrtho umebaelas uUrpovlde& 

further that the pr*ter*ao*e, rQht8, llmitetlaae, 

plvlleg*e uwI r**trlatlone 

F 

tedorapoeod 

ulth reepmt to uy ehrre 0 outetmUag l took 

ebll not k impair.& dlmlaWw6 or abtm@ rlthout the o-eat of the holdor tbwmoi. Uhouovmr 

a nr l wh aaeadment eWl1 be m4e efieetlvo, l ll 

the eharee withper or iroe mlue oftb cleee er 

olaene l peoiilod lauldundaeate&llbedeeml d for all urpowe to ha*0 ken aoavertod, ea the 

bee18 in w Ip d amndmat etated, elwoe vlthout 

aeminelor prvelue of the oleee roleeeee epeaiiled end all of the ekeroe wltheut a-1 or 

p a r v& e o h a nged into l la r ger or er ller amber 

of eharoe without neminel OR per velw ebellbe 

ded r0r l ll urpoeoe to beve beoa aonyorted on 

the bee18 la ea r 4 nmaumnt etato4 into each larger 

or emller aumber of l Wo8 ulthd lwmlatl Or pe2, 
velue,,md the ccrpcratiou ehell, ln urltlug, 

notify all holder8 ci eberae of etoek of the oleee 

w etietae effected (Ufoatad) and l lpqll theroaftec, 

uhatwvor any certiflacrte for aw l wh l !nrae ie 

preeented Sor trmufer or uabcsp, 6@ace2 the nmi, 

md in it8 plaao, ieeue, on the baele ln eeld arandebat etatd, a wu urrtiil8Me, vhloh -11 eoafom 

to the provleione of Article 1538b horoot." 

Thle l rtlole.doee petlit uotworelon of par v&u@ l teak 

i&o stook OS no pr value. Tho r 10 8 no l ua h l uthoriutlon to 

t,hm to a tr a rthat y; le, for th a coavoreloa o l etook o f m per 

~81~8 isto l teak of per velue. 

It 18 elemsnte4-y that all the pmbri of l sorpo mtfo a 

we derlvod rxeluelvel~ from .the Coartltutlan.* l tatutre. 

slma o ther6 18 no pouor g lvio g l asrposcrtlon th6 right to ooaver t l twk of no per vUuo late l toek of pu vaLr#, ue l gr6e 

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 

ATTORXRY oxlmL0?mKA9 

~/gigcdor 

Robert 0. Kooh 

Aeeletmt 

RoKrdb