‘ :

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

### 4.. AUSTIN

somrable Ueorge H. Fhagsmrd 8tete ComptrollerOS 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 languageto 0 tax 6n ori&aal

**r t&4,**  ooa?poretion’8 rubrorlptloaemolueion aa to the non-taxsbiXfty of 6 stook do08 aot **4xtcnG** to end emonoe outetondlngfn the hands of t&e publio and hae been purohasedby tbe oorporatfoafor reaolc. ~uoh stook la not original iam atook end $8 taxable.*.

. . .* ?!bolptcr

19A ::!:

the} hQb~d Civil .FYsttUtes of Tarea, 1925;bafnp,'rtfclee2:‘38a to 169@m, inelusive,ia the Texea MAWdut!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

xon 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 thoreormay proriCe that suoh nharcr d10u1d be airride iato Differentola884a,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 emsndrmntther4oi. any 14w of thla 3iet4 **ropulring** thee the p4r +eluo ot shares a? stook of a oorporabionbe 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~loatei6sued for share8 or amok without notinel or par relue ahall hew plelnlg stet%d on fta feoe the n&xber ot sharer; nhioh it rrpr4eentssnb 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 s3arbsmay 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 +uthorizedshares having no nomIne or per rolue for auah aoneibrrrtion ee nmy be prtisoribd In the orI&nel charter **or any**  amendmentthereof;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 dlreotorewhen aoting under (yenoral

or SpeoIal authoritygruntedby the etoakholders

( or by the board of direatom when 

### l otlng under general authorityoonferreQby the original eherter or tmr amendmmatr thereof; swh oonelderatlon to be In the iorm of monay paid, labor done or property eotuallyreeeired. J&y and all **sharer,** without nominal or par velue imu ror the ooni siderationpreaorlbedor rlud Ln aooordanoenlth the prorleionaof thie seotion rhall.befully pa&l etoek end not liable to ray rurther aall or aeeecezent thereon,nor shall the aub&orlberor holder be lleble for ouy iurther paymenta.*
Artlole 15384, aupra, protiaesr 

### *aorporetiona

l uthborbisgthe lwuawe of rherea of its (their)stook wlahoutnapliuel or par value shall furnish to, end file with, the Feoretaryof Sata nt the tine of filing the ahartar or emendxwntto a oherter authorixlngthe 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 requiredby the lrvm of thie ?tate as to an original oharter of Inoorporatlan,

oetting forth the ioltcnring: *(e) The nureber

or ahareswith 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 reoelradby the oorporatlonfor such ahareai an6 upon raoelrin,? such oertifioateIt shall be the duty of the f3oretaryof :taha, on payment or orrloe reaii

and franehlaetax 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:

the Imu**81148 0r**  shares or its atook wIthout norain or par value shall be requirea, In good faith, to aubacrlbsan% per for at leant ten per oeat of the authorizedshare@ to ba laaud without nom& nal or par value kr0r8 6al% corporationshall be oharterador hare its eharter ~andad 80 aa to authorlee the iaauaaaeo? ahareawithout 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 opinionHo. O-3594 lm applloableto the lO$ of the authorizedaharea of non-par talue oorporatlonathet are requiredto ba aubaorlbadand paid ror soooraingto eub8eotIon (4) ai Artlole 15384, aupra. This requmat oonoarna tha texabllltyof the mining 90$ or the authorized,but maubaorlba6, non-par **value atoek**  **o;C** auoh **a** oopporetloa.

:::e rind nothlng ln tha law dealingwith non-par eorporatlona

whlah would Indloatathat the 90$ of tha nonpar value or mminal value atook that la authorizedan4 \UI**aubsoribeb** ahou.lU

ba tared under the prorlelonnof 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 corporateatook. Ye think tho rule **aa** 8rpreaaeO in our oplnion **?lo.** O-3594, an% oopled herein, la appllosblean% **oontral** llng; in answerI% the question subsltted**by you.**