OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN

Honorable Sldnsj Latham Seoretary oi State Aurtin, Texar

Dear Sir:

You ham of “Parkview, Ino.’ lag queationrr ropored ohartor on on the followdivisions o? the er oonetitute a t upon the statutory the 

### ohtar

ter? light Of the WUlOUEi8UbdiTHonslng Aot 

### or other Fadoral authority7

‘$0 If the Federal Housing Ad.&ki~tratiO~, as auoh, oannot own euoh stoak, oan it hold auoh ato& through a trustee or the Yrderal Hourlng Commisrionsr orAdministrator?

### 366 ‘

Honorable SIdmy Latham, Page 2



### *6. Does the oharter provide 

### for an unauthorizeddelegation of authorltg to thr owner of the ClaseA preiarred atook In oohtraventloo or &tiOlb 1327 

### or other provlsIonsof tEe Texsr Statutaa? “7. 10 thsre a burden on thir Department to exa~inr into aatailedby law apaterlalor 40.‘1- tra0tua.l

rights thatmight br Inoorporated Into a proporad olmrter, and if 80, wEat would be thr rffrot of the ap roval by t&I4 Departsent Of a oharter OOAtaiA Il&dotriled 4OatraetualproP vIaion thatmight ultIuat61ybs held llltgal? -6. Should the ohartrrbr apprmed an4 filed by this Department 44 bring in oomplIanoo with the lawr of Texae governingsuoh zntters?*
Tour oonoln4Ion4 togetherwith faots giving rlsr to your Inquiry as oontalnsd in your letter are:

“It I4 theview of’thie Dspsrtuenti that rsvrral of the ohartor rovlslons contravene the 

## l plrlt, if not the Potter, of the ststutos of T&as govornlng suchuatter4* and that mcb of t&omaterial In the ohartrr i4 thb 4ubjeotmatter for the bylaw4 and/or Ii roper
- t 4 doed of trast ok other contzecta to ba sntsred Into by the omipany. %6Ctfon 2 of the oharter atat4o verbatia the pup060 as oxteinad In auhdivIrlon 47 aiArti010 1302, a. C. 3.) ol.Tboreted

In subsso~lona (a)* 1925 bat thir p$poy,hJ(;.rthr

I we aonrtrue ths word ‘rent@ L 4ukvoObIoU a)‘ofmotion 2 of the ohrtar and the rohd ‘loaso’ lgaubaeotion (b) 44 enlargemsats of the rtatatory parpoae as provided by subdivlaion 47 of ArtIob L302. $v oanstzua aubseotlon (0) of seotion 2 of the rharte+ as belag oontrary to tha EtatUtWy purposewhlah aathoriaaa suoh a OOrpOratIOn~‘to aoouclulate and money,’ but the authority to.

Honoroblo SlQe~r Letho=, lU* 3



### borrw mao of Art1010 I aigbt ba 

### proper under 

### orotlon 7

320,R. 0. s., 1925. #4 bonotruo the 18aguogo *a4 OT 011 Of tho Obf4Oto Of 188 buolnroo~ a4 oontalnd IA oubo4obIon (0) OS 

### oaotlon 2 of the ohrter l ad 

### clhr langPa@ @



### thb 

## l OoW89llslIm~t of 

### ~9 oa4 

### or -8 O?thO pnrpslru' am owUoIn6d la rubaro%ior [e) of 

### oqotlon 2 d tha 

### ohrtrr;.eo Indloating, a dual pwpom OS the oorpurotlon omtrary to’ the otatutso. 

## The l p p&l* at **oonlundo** 

### thot 011 oooh 

## l ~&~IvIoI~ao ate Mro lImItotI6ao

### upon thm aala 

## l tatutbr) puropoeo4111~0% “TN to@al at~it81 otook io 29 858 ohor;
:: toI%?v#*

I value ot **on4** dollar oaoh, ofoosifI4d PO. of Sharwq Valao a2488 

### d Prefsrred 

### steak ~glB3y~arr64 Stook


### “It appaaro from the affIdav%t **attaohed** 

### to the &arteP that th8 one bun&ad ohalro 61 C24oo A 

### pre~crrod 8toaLhao bean l uboorIb4d and old in **by** ‘cfiley

JO&OOAa8 Truotoo for ths Ired4ra P XOuoing kdminiotntlon, and **w4 are**  **auvioad** by Hr. **, ‘** **obnoaa** that thir rtocrkla to be trmoforred to tha Frbrral HOWin@COQOli8OfOAO~~

### Srotloa 7, oub4ItIoIono 3P%- -, tOgeth4rwltb oth4r aootlono oi 

### I o pter, 

### grant **brood poaro**  **of** oontrol to the **orm4~** 

### of the Claso A pafsrr4d #took in l m4 Inetamao 4roaedIng th4 porrrroof the **diroot~8. ’** 

‘X. 

### The purpoor

### for whloh it IO fofa4d IO to ar4Ot or 

### rrprlr ml **building** 

### O?IWmta*to, **ad to**  **aoammlatr** and lend SOAOJfor l ald **pUWOO~4,** 

### ad to purotuor, 0~11 **end** 

### oubdlrlda PO41 PrOS’*-Y in towno, cltlrrand vIll4g44 and the12 rubwbr,

### 368

_

Boaorabla Sldnsy Latham, Page 4

not extendingmore than twomile8 beyond thrlr limits, and to aooumulatr and lend money ior that purpore.
the % ordar.to oarry out thr purposa o? oor oration, 18 the f a8 herolnabote ret out, it

ntsntion of tho lnBorporator8herein to prooeed a8 iollou8: "(a) To errata 8 prlrrtr oorporatlon to provide houalng ror rea8:or ~18, and to 

### aoqulrr auy real wta$a or lntrra8t or 

### right8 therein or appurtenant therot and anr aad all peroo.ual property In oonarotloa therrrith. 

## l (b) To lmprotoand operatr, and to 8811, Oonf8J, arelgn,mortgage or 18aaa any real estateand any"personalproperty. .(o) To borrow aonry aad lerue rridono8 OS lndrbt8dne88 in furthoranoe o? any m all oi the objeotr of its bualnrar; to 8eouro the aameby mortgage,dead of trust,pledge 

### or other lima. "(a) To apply 

### ior **and** obtain 

### or **oauso** to be obtained from the Federal Housing Comml8slonera oontraot or oontraotr o? mortgage ln8uranoe parruant to theprorl8- Ions o? theRational Hourlng Act a8 amended ooTerlngbondr, note8 and other erldenoes o# indebt&lne88 188uad by thlr oorporation and any indenture o? Mortgage or Deed oi Trust reourlng the 8ame. 80 long a8 any property of thl8 o,mporatlon 18 enoumberedby a mOrtgage or deed or tru8t insuredby the Federal Hourlng Uofamlm8lonerit sheill engage inn3 burlno other than the OOn8trUOtlOn **and** operation of a **War** Howlng Projeot 

### or ProJeot8., . ?..” 

## 369

**H0n0rabl8 Sh%aO~** Lathsa, **P8gr 5** 

**“ (8)**  To wt8r into, 

### porton and wrry OUt OOIltr88t8 Of Uy kln6 lLOO888W~ to, O? in oo~ootiw with, or laoidental to, the 8ooompll8&mat of ary 0~ or ai010of t&a **pIW~08OS** Of th8 OOR$QYSt~Ofl." Parapaph 

### 2 a? the rbartor (with the **OXSO $1011**  Of th8 8UbdiViSiOW thIW8Of) 18 tak80 VSPbttin fU i SO diV18lQa 

### 47, Ar8lol. 1302 f. Al 0. 8,

**It 8Uh8O~t~OU8**  **(S), (b)**  **(8)** an 

### l lu gam8at

upon thr purpose 8oa~ala8~ **6) Ulb**  **(8)** 

### WESt%tUtO a Fwagraph 2 rush **ohartsr** would be 

### oondoaned **88 ooatalniag**  **a010** 

### than **on8 purpose**  UfIdSt th8 authority **Of RWIISO~** V. 

### Tad, 69 S. W.1 v. PI88pt~lr8ior

RlocrdhIrrlgatloa 

### Co. 82 9. X. 5, M6 Gordon 

### 3.
A omrotulooasldetatloa Of 8UbdiVi8iOn8 (a), (b) **(8). (d)**  **SJd (0)**  **load8 US**  t0 th* 00&8~lI810R that that UI),dth **Oil8** exorptlu herrlnaft8r noted, but **S~~hKISt0r~ Of**  th8 **author** 1184 PWpOSS. I?lMPll bh. SOF~OrStiOII OOUld 60 ILlit

886 811 thing8 smntlonsd ia Su4h **8UbdiVl8i0a0** Lf were aOt OOatainbd in the ShartU and henoe SuOh rnuoratsd ri t8 &a EOt ooaStitUt@ **8a** 

### l **alsr~Oah8at of**  the rl&tr an6 powers of ths ooxpo~atloa aitwdad by **$UbdlVl8i0a** 

### 47 0t hrtielr 1302, aqira.

**2910**148t **80nt0ao8 or**  **8oM1v18108 (a),**  

### rssdlaur

**“ SO**  **lOIt 88**  rS# pXO&?OTt~ OtthiS WHpOP8tiOAiS mogplbard bl a rort&a$o or do04 oi trurt inllzcwd by tho Federal@USa &XdSSiWSr 

### lo 8hdL l

### a88@0 in a0 bUSin~88 

### other thUI t& OOWtPUOtiOlb end 

### opwatioa of 8 war8owlJM Proj88t PQProJ*st8*'

**IS 8000?6&@~**  aaawsr roar **qrurtionr** 1, 2 and 

### 3W **giving ow**  approval to **the p-D080**  818U8o I8 Wltt*a*

## 370

.

**Eonomblr bldnsy**  **bktma, Pa50** 

### 6

**YOU StrtS**  that 

### tho 002 r8tiW Uu&ht 

### W b8 

### tSSmS6 18 80 &SW (ifhpit81 

### 8 oak Oi 

### $29 j8.00 Md IS **$0 bo**  **fU\rrtha %**  **r** tinaaosd by lorns **of b**  **00,000&O trw**  **brnkr** Wloh 1-s 

### mro to IN

### lnaured by th4 **Yuloral** 1Jou8lag**hadd8tP8ttOiI.**

'low quertloar 4 aa6 i 6081 VlCh the pow? 02 Sk4 f8dwrl K0mw Admlalstratloa to ora 8$o4kFa 0oyporatloM OY 8 eSif~o8~1)whather 

### or not 8u8h

### authority 0m or0 oamhuadrrc) (b~r~;~:,:. Of Glm38 **A hrrforrrd**  **StOOk in**  

### the prop@ord?U&S

ws b6llrvo that the

### dotrrdiutlon of l iMOt8r 88 it iilVO1V~S l **OOAStZUOtion Of**  **tb8** (Oh* 13, at14 12 U* aa 0. **A. 8OOCiOU**  1701-1732 

### a setter **toe** the 

### bdo ral l ttho,arltlea to **gau up00**  888VS0, tW t&O mpOS8 Of t&l8 OpiS~W, that Std qU.SttOll hU **baa** Stl8Wrsd ia th0 S~tirIR4ltiV~. Th4 Only ~USStlOE with tkioh va dll oonovn ow8elve~ imrhatimr or not uadw M, P@x88 Statutes CM Rational aOwia4f h<iatratlan or thr **AdaidSCr8tu** my **Gm atook**  la l **TlXSti Ooi~~atiOa.** 
**Our StatUt48**  do not 

### l rtsblish tho qUP~itiO6tiOkNJOt StOOkhOb!AP8. no r&W and OZ+pSOib~ of any r 

### mowCOl ubsorib6 iOr atook in l T*raS Ooi~CWatiOili8 ~0VUa.d y th6 g6MWti I’U1*8 of theLaw ot **Contrrota,** 3. ;r.(26

La 10 TSX, 

### J\rrr 699, A!.~Sbin ve StrOa6 1 $72, 

### 38, W. (2d) 225. ti dn6w6r to your ~tiSStiOfl@ ~Ot%&diidlIi8tr8t~OII Or the Administrator aa) 9Wl 

### :toek bl

afar as the ~axar Statot68 6r6 

### ooaoernrd th0 

### ?sder.al Texas oorporstlon8. 8Wil.l~ 88 lKMlJWW~d,it iOllOU8 t&t it oall be **parahased** In the a6.m of a '&xist6@. 8 80ura6~ th8rS~tiOlb= ship **of t**  **ha tiUSt.0**  with the priaaips~ vtOc;lU be **gOVOrUd bt**  **the rule4**  **ot ideaoy,**  10 **‘ TaxI**  **Tur. 699.** 

~.'h~V~ OUStt& QXMiMd ths ~i7Vi81ORS Of psrsgrspb 7 of the ahikrt&, to0 18a&thy to 

### h8re 848

### aU*, and crlthougbjwrf Of the prOViSiona 8?e SllOh88 BrO USUti1r WAtrolls6 **br** 

### the bylsws, ~9 Cid no rt@tutry 

### prohlbitMa l a%rus ineoporat- thw $a t&o dharterr\,.Ye 60 not bali6t6 thor 6OUld **bo** hS& tOr36lSW &?tt814 132?# **% &**  **cs a** * **rea4ti8**

*Tbr ttlr8Otws &haU &a*0 UlO ESmit61HIM$* pleptor 

### the attelrr of tha OOP 

### ratios, sad w Qlr pQ80 Or Oh4 **rBSidU4** Of t&s r WP kl 8twk at 6 r~~&~lng **tumubrorib~, in**  **8ueh aatlaer**  a8 tb03 blao **r-18-** 5ay preso*llH.: &dor #aah p~4ViSiOM tk8 dirrOtOP8 UI) W8t.d 

### withth* I-*-l wEm6jit 

### of th0 OO?pOt0tlOnwlthln oleerlyurtine~ boounhr9, .I - 

## 371

Honorable 81dne~ Latham, Peg. 

### 7

Thoro ia no unrubsorlbed Cn 

### worooordlngly 8aaw8r your B ital Stook in 

### tho lartmt 

### omo. th paastioa la 

### the nogatlvr. In aa8wor to your 7th quoatloa, wo bolioro it to bo your dut to oxaaiao iato all **proririona** ooatainodin l OhMtOP 8pJ'

3tO8titUl

t0 dOt8rSfmOrhrth8r OF IlOt w p?Ot181On8 

### theroia are PO uga8at 

### to tho **1~8 of**  th8 **Stat.. If**  **IQIIIO pro**  tlrloa rhoala g0 hOT8dtOr hold ill8881 the ohartor 

### r0uia not aooorrarlly

### bo void, 

### but only that portionhold 1110681would hare 

### a8 foroo. **Bt8aOkO 1e**  **%ttlQ&O,** 

### 175 S. W.&b.

a0 bolleto tho ohmtor 8pplioatloa 8hOUidbo appromd 

### aa ttlad.

wo rorpoottullyrotuma tho 

## l pplloatlaa ?or ohartrr.



### LArfo