**OFFICE OF**  **THE ATTORNEY**  **GENERAL OF**  **TEXAS**
**AUSTIN**

Thlr will -1 

### April l6, 1941,b l&a sent on the pwmt1ana 

### tiai to here ret oat par parts thereus.

fidavitrhow that 

### etuekhw beeaapaidln&t

yithe atterwya 

### fur thb iac~aturr bavtsooatendedt&at beoawe the totalanouut prid in ir mere **than $25,000.00**  **and because**  **01oxu thrn**  **Iti uf**  **tlw** 

### t&al

### 1.42

iionorable

Uu. J. Lav~on,

pses 2

authorlssd

numborof **@hares,** 

### treatIn@ all the l

hu or 

### the **8bmb, have**  

### been paid in, the **6OFpOPatfO8i** mbt8 

### the requlrment 

### for no par **rtwk** 

### oorporatlcma **rbt** 

### out la **&abdfvirion** 

### (d) of Artlale 153&l.

**-8** 

### Depwtmont **ha8 JmtbrpPetod**  

### that **rubdiVA 8fM**  **t0 1DUil**  **that Ot**  **but lo#**  **Of bUh**  **Of thb**  

### dfff.PUlt **al.auer of**  **rtook mu8t**  **bo** 

### pald **%a,** 

### am to hold othomri80 vouldallav aoorporrtlontohavb 

### l velylUqg@ authow iced capital vfth lam8 than 

### 10$ of the **authorlud** 

### amount paid la. For **inrtaaw,** 

### underthat IlltoPpretLe tlon, **a aorporathn**  

### oould **havb** 

### 10o,OOO **rhamr** 

### or emmea pald La at the rate **of** 

### lt@ per rbm, 

### and aould kla~010,000

r&sMr ofpreferr6uvehi?nl~l8harepaM in at 

### ~24,000.00 r sham, 

### then the **aorjm~atlon** 

### vould have paid In ltr 25,000&O, wouldhave 11,000of **it8**



### r 20,000aha~~r

pafd IIX,

and yet It vouldhave an auth0mti +a4,000,000.00 pm0md **8t06k. obv1~4,**  t hl r 3.8 au l **tPamb OILIb,**  **drrroa8 th**  **oe8.%8 uw**  **nrb** 

### mlttlng **18** 

### not bxtrbme, **but in**  **order** ts 

### avoid **the** 

### porrlbfllt~

**of** 

### ruohan bxtrow OUT, thir Imaetmut 

### haa **fntupr8todtha 8tstut~8toxwquf~** * 

### thatatleut 10~afew&alaar of rtoakmwtk paid In.

**%b Yould**  **appreolato an**  **opln.wl frar**  **pur Iwpue**  **meat U**  **to WhbthW**  **8UbdfVf8iOX~ d**  **of ArtiOh**  **15% Fe**  **qufror** 

### that at learnt **lo$ 0s**  

### thb **numbbr es**  **eha~08** 

### or .a& elur of rtookbe **rubaorlbod** 

### a& g&d tt of faaerperatlon, 

### ocv?Wlw~ themqulmmua t$&l
l 

### tatutbmmotbjhavlilglO#ofthetotalnl&or of ahmu of all alure 8ubrea'lbd 

### and **paId. ’**  

### &wele 1538d of the AOVl8ul 019il at?&uter o? %exw, **8bt8 Out**  **e&rtn POqUkPO~tD**  **l ’**  **8btiVb** t0 **thb i88-**  **Of 8h8F.8**  **Of** l t Wk O fBO gu ,

V al W. m t b. @hkWf lU@

PO@ P O dt0bo 

### mad. to 

### th@ **sWPbtU7** 

### or Hate by the lnooPpoPatoPs, 

### 011' the **dlreotor8** 0r **the owporatlon**  **l.n thb**  

### otent **of an**  uendmut 

### to UI bd8tflhg 

### 6hUtOr, 18 **lUbdlVf@fOA** 

### (d) **thbP.Of lfhiob.**  **mVid.81**

**“ (a)**  **The nllmbeF**  **or 8haro8**  vlthallt **aomfllal OF**  

### pa~value 

### 8ubrerlbedand theaatw~loawiberatUn rbOblV*d w thm O~Ol'atiO23 fOP @IlOb 8hUWUj urb 

### upon reorivln8

ruuh eertitlaats

it &all k t& duty 0s th6 **&omtary** 

### of atata,on pfbywntof office**f-8** 

### and frudlrotudw, to fileuadr86ordthm &Wtev, **or** 

### awndmaat tbnmeof, of rwh otbrporatlon and**t0 ~fV4**  **hi.8 Obl**  **’ tifittbt4**  **BhOWi~ the**  **F4COPd th.tW**  

### of, provided,

howevbr, 

### the **rto&i?Cld4r8 of**  **any CO~OlWtiCll**  **8SIthQdS~ th4**  iSRUlE Of **8h8FbB** Of **it8 atoak**  **vithbut** naalnrJ. OP par **V&IAI** 

### shallbe rqulrad, **In god**  **faith,** 

### &a **8ubrcriba and**  **pay fop**  

### at hi%& ten per **abnt of**  

### ths authorized 8hWW **t0** 

### ba fa8tt4d



### vithout

nominalor prr v82aw **kfon** 

### erld **~srporatitsa 8h411**  **b4 tthartend**  **or hav4**  **it8** 

### 4haFter mended **80** 

### 80 to euthorire tLu f~8uanm of **8buwb** 

### vlthuut

par or 

### nomImi value;gwooldod furthor **that** 

### In aa **bvent** 

### the 8mmit 80 paid 8hsllk loa8 than $25,000.00." %m l dvfa e t h a t oorpora tl aa

18 48 **fdllOV81 pU**  **Vtiu4 Bt4Ck**  **dlvlded irrfo**  **&U ’** **Oil Of**  **03.484 8.**  **(2) 1,000**  **&BP48 Of**  **Ba30.** ***illlO.** The fl.l OOt & 3O F tltOlí8 htlY0

~Oklí O d l VdAW ?$h&~~~ l **h8r4 oaths**  **olm84A** 

### pxmfsmbd, $l.OOperahw@ an the Oamwm aad have plea& tl~b~ue cda the **Oh48** 

### B ~~fW@@d. You **adrim** 

### tbrt O &@W S A Uid B O ft h8

P l Wfemd

l **t44k U**  **’ b**  **flbtttdar;l.** 

### It **thOZWfU ’** **O ’**  **, fOF**  **JW t0**  **Vt&W th4**  OhlB@ 

### b m-

@ham for the purpou of by A~Male **1538f** 

### of tbm S

ft. vould appear,thonfore, that tha 433,180 ahava**to** 

### bo pald in 18 

### 18811

than **tba** 

### (10)pm oent 

### of the neaema~~lf dseland value of 

### all the no psr 

### value **8bw44.**

ou l t a t 4 t h a tt h b



### atbozmqw forth0 faeorpontom 

### wntoad **that 44U8.**  

### th# **amWIlt paid**  

### Ill i@ 8tllU

thW +?5,000,

@Id booaumo

mom than tea 

### per Muit of the totalauthwlssd ntanbor of 

### " ~bawa, 

### treating

*I1 the **8hW48** 

### the Umb, ha8 bemk paid in

. . . that the **4tatUt4 h8**  

### bsO!I aorppllod

With. w9 **Ut&tOt 844**  **UpOtI Vhat**  

### thoory&llthe **8hu-48** 

### oanbetnoto4tho MPI th4 doalasrd **ealw of**  **the &weferrud**  l 

### xwkmutba $lW.aO PWrhrreVhllo thet **O? th4**  Q OD lYIP

l tO 6k 18 bUt $l.%maa Logiolatur0 f.n thb uu of tha latquago *

l tO & h OldW8

. . . . 

### oh8li**~SS** 

### rbqulred,

in 43006

faith,t; I%- rorfbeand pay for 

### at **lea8t** 

### ton per sent of’ the authorized 8bre8 to be Lorued vithout

nominal 

### or par value

. . . .* might have a8 appropriately dimaland

thatat 

### leasttern **per** 

### sent o? the dealand **~aluo** 

### uot **bb** 

### paid **in.** us b4114vr tmt tha l4glolatun, 

### In the paooqe of suobArticle1538b,lntendbd **to** 

### and did roqulro tha paymentof **a** 

### titdmm of ten 

### p4r Gent of the deolamd **vtiub Of**  **th0 Oh4Z**  **’ 48**  Vfth thb fUl’th4P pPQVf80 

### th8tA0 Ow 

### vould be 

### permItted

to Or@lBfl!b Uld i88ur, 8hIlXW8 Of A0 &WX’ VdW With L **prid in**  oapital **of** 

### leas t&m 425,000. Such hao Lq been tb **intbrprotatlon of**  **tho statute**  **m the**  **various Swrotar#es**  **of Strte.** 

We hold, thwofere, th8t a lIlamum a? ten per **coat** ox 0ad.t dAO8 of otook to bo 188U8d mot bo mf.d fli, tl'4ating tiM 

### p n fun d

l to6k, 

### divided**iato 4kOB**  A mad &.a88 8, ao Oa# **ahO@.**

**Youra v4q**  tml4,ATMllfEXATTORNEY GENEZ'& **AU1 ata&** 
LAtoj