‘: 

.,, OFFICE OF THE ATT’ORNEY GENERAL OF TEXAS 

4.. AUSTIN 

somrable Ueorge H. Fhagsmrd 

8tete Comptroller OS Publio Aaoounta 

AUdibl, %WSS 

We hsvo raaelved 

en opinhm fr01~ this deptm 

or not it ie neooarmv to p 

upon the 90% of authorlaed 

mm-par talus atook of 8 T 

Xo. 6. 

c 388S1on, 4nsotod 

lo 15, of XouBe will 

6 departmnt hold; 

quoted language to 

0 tax 6n ori&aal 

r t&4, ooa?poretion’8 

rubrorlptloa emolueion aa to the non-taxsbiXfty of 

6 stook do08 aot 4xtcnG to end emonoe outetondlng fn the hands of t&e publio and 

hae been purohased by tbe oorporatfoa for reaolc. 

~uoh stook la not original iam atook end $8 

taxable. 
*. . . .* 

?!bolptcr 19A ::!: the} hQb~d Civil .FYsttUtes of Tarea, 

1925; bafnp, 'rtfclee 2:‘38a to 169@m, inelusive, ia the Texea 

MAW dut!l!q~ tith non-per oorporetione. ,L.rticle 153&k, RU'JTL), 

proridso: 

*Upon the organization, undrr the law8 of 

thie 3.ate, of an private oorporkition rm protit , . . . praric x on my be atede for the iseuanon of oheros of its staok without nor~nal or 

per value. Every auoh shsra &ml1 bs uqual in 

elf. respcotc to avery other suoh sham, ccroept 

that the charter or 4ny 4aondment thoreor may 

proriCe that suoh nharcr d10u1d be airride iato 

Different ola884a, tha sharoa of seoh elan4 to 

ham preferonoos, dr%lgaatione, rtcphtr,' privflegoa md powers e.nd be subject to nuoir:~~rastriotlons, llmltatimu3 and ~u4llficntions em shell 

ba rtated lo thr ohnrter or aAy emsndrmnt ther4oi. 

any 14w of thla 3iet4 ropulring thee the p4r +eluo 

ot shares a? stook of a oorporabion be atetea in 

any oert.ifLoabe, report, or other inntrumont or 

paper shall be oozapliad with bl rtatiw, in rospaat to shar44 tdthout nominal or per'valuo, 

that auoh stoob ie without par velus, and wherever 

the mouAt of atoelc is required to be stated, th4 

number or mob 8har48 without nor4k41 or per vslue 

chal.1 Se stated an4 that ouoh rhanea exe sZthout 

no&Aal or par v491ue." 

Artiale 1518b, aupra, pmvld48t 

Tubry oartl~loate i6sued for share8 or amok 

without notinel or par relue ahall hew plelnlg 

stet%d on fta feoe the n&xber ot sharer; nhioh it 

rrpr4eents snb the elftea thsrlrof, e4Af-l ahall Act 

set forth eny par ~a&&4 or Valus in 60llara of 

suoh ehesa4. i!o such"oartiiio%te 4hall oxgmss 

or atote thGI=aQCI eny rats 09 tividend, ~lWf%NlnOe 

a4 Lo assets in liqUi&atitiAh CL* prio% at *ioh 

such s3arbs may be retloemed sroept SC dollase eAd 

osnoz par ahere." 
$oporsble *George ii. ?hoppara, Pa80 3 

ArtIole 15380, eupra, prorlaesr 

Vorporetlone mey isrue and diepoae of their 

+uthorized shares having no nomIne or per rolue 

for auah aoneibrrrtion ee nmy be prtisoribd In the 

orI&nel charter or any amendment thereof; or, Ir 

no Oonei%erotion is 80 pre8orllm%, then for euah 

conaIaeretIon a8 my be rua by the atookhold0ra 

at o meting %uly oalled and hold for that purpose, 

or by the boml of dlreotore when aoting under 

(yenoral or SpeoIal authority grunted by the etoakholders ( or by the board of direatom when l otlng 

under general authority oonferreQ by the original 

eherter or tmr amendmmatr thereof; swh oonelderatlon to be In the iorm of monay paid, labor done 

or property eotually reeeired. J&y and all sharer, 

without nominal or par velue imu ror the ooni 

sideration preaorlbed or rlud Ln aooordanoe nlth 

the prorleiona of thie seotion rhall.be fully pa&l 

etoek end not liable to ray rurther aall or aeeecezent thereon, nor shall the aub&orlber or holder 

be lleble for ouy iurther paymenta.* 

Artlole 15384, aupra, protiaesr 

*a orpor l euthborbisg tio na the lwuawe of 

rherea of its (their) stook wlahout napliuel or 

par value shall furnish to, end file with, the 

Feoretary of Sata nt the tine of filing the ahartar or emendxwnt to a oherter authorixlng the Inauence or such stook a oertlfioste authentloated 

by the bwx-porPtora Oci to oriafnal ahmter, end 

by 8 majority or the dlreotors aa to any amendment thereof, in the mennor required by the lrvm 

of thie ?tate as to an original oharter of Inoorporatlan, oetting forth the ioltcnring: 

*(e) The nureber or ahares with a per or 

taoe value an% the number of shame wIthout nomInoX or per value that my be feeueb by the corporstion en% the 4lasee8, If any, lnto whioh euoh 

shares 6re dirfded. 

', . . . 
gonoreblo UeorRe N. Che:)pard, Page 4 

"id) The number of aheres without nomIual, 

or par value subeorlbed and the actual oonaitlemtion reoelrad by the oorporatlon for such ahareai 

an6 upon raoelrin,? such oertifioate It shall be 

the duty of the f3oretary of :taha, on payment or 

orrloe reaii and franehlae tax duo, to rile and caoora the oherter, or amenbmnt thanof, of auah 

oorporetlon an0 to give hfa omrtlrIoate ahowinG 

the reoora theraor, provided, howevar, the #tookholder8 or any oorporatlon cruthor'trind: theImu81148 0r shares or its atook wIthout norain or 

par value shall be requirea, In good faith, to 

aubacrlbs an% per for at leant ten per oeat of 

the authorized share@ to ba laaud without nom& 

nal or par value kr0r8 6al% corporation shall 

be oharterad or hare its eharter ~andad 80 aa 

to authorlee the iaauaaae o? aharea without par 

or noszlnar ralue$ protldad further that In no 

event the amount ao paid shall b8 lma than 

$25,000.00.* 

Row the raoba @en in your request, we pther 

that there ia no doubt but that our opinion Ho. O-3594 lm 

applloable to the lO$ of the authorized aharea of non-par 

talue oorporatlona thet are required to ba aubaorlbad and 

paid ror soooraing to eub8eotIon (4) ai Artlole 15384, aupra. 

This requmat oonoarna tha texablllty of the mining 90$ 

or the authorized, but maubaorlba6, non-par value atoek o;C 

auoh a oopporetloa. 

:::e rind nothlng ln tha law dealing with non-par 

eorporatlona whlah would Indloata that the 90$ of tha nonpar value or mminal value atook that la authorized an4 \UIaubsoribeb ahou.lU ba tared under the prorlelonn of mild 

Rouw Bill MO. 8. We believe that It is an orIgi.nal Luaus 

of ths stook or mob a aorporatfon W!tIl auoh tW aa tit10 

to the stook haa pfi844a to the original aubaortbers or sale 

corporate atook. Ye think tho rule aa 8rpreaaeO in our oplnion ?lo. O-3594, an% oopled herein, la appllosble an% oontralllng; in answerI% the question subsltted by you.