I .I- 

,: 

OFFICE OF THE : ATTORNEY GENERAL OF TEXAS 

AUSTIN 

Gmu.DG- 

-00111u. 

Yaunlr homw lmpo80duk&le~.d8at~~x&..- 

Qlaiter pro*lded on 811 rslsi, osrscrawn 

rpgpolarzda of 8alo~, and all dellvrrfsr or tmuufA of 

8&U'88, Or OePtifiOI%ttt8 Of 8tOOk, OF oertifiOia88 POP 

right8 t0 BtOOka Or WrtifiwtoB Of dqwrit repm8UAtFag LD krtOlW8t in Or XWplV8lSlting OWtifiO8bt~8 =de 

taxable under thlu Ssotlon in rrny dow8tlo or Torel&m 

~8Wi,l&ti~, Om, OF OOPpORtiO& Or aWtifiWLt~8 

of intewrt in any budxmrs eondwt8d by tnwtn or 

t-t-8 8d.e ait0~ th0 8fmtiw d8k br00r, tfbhh00 

aada UpaDl Or shavn by th8 booh Of the i88OOiatiOII, 

Oompuky# aorporedaxL, 0rtru8tw, orbyrurys8slgmeat 

in blank ov by w dsllv~ry ot arry papers or crgrwnont 

OP y11oFiLtZdW 02' Ot.hW 8ddiV308J Of UdO & tWtl8fW' 03’ 

order Sor or a growent to buy, vhethar lntowodiato or 

fFacrl,tiVh&hW'intre8tiag thehold.rWiththebMmfloial intonst in QI lo&al title to auah stoulc or other 

oortlflaato hxeble hmmmder, or tit& the po8ser8ian 

~~t%~7r%~~t~;*~outook, or oerfdflwte, on eaah huadwd tlollaP8 or i*or 

wlw or iraotlom. thomBof, thrw (3) oentll, soroept in 

eaM8 vhsw the share, or oertlf1eatar aw lsmJo4 lrlthseotlon 1 of the Lot fwtbar provider the mode and aura 

of paywrit cf rswh tam 

"**~ThopsJwrntofmehtax~llkdowtsd 

b y aa a dhesive etmp or stantps a f?WOd l follows~ In 

the OELB OS II wla or tram&m, vhew thu evidenw of 

ths tr@m%?tLIW Is 8hoW aatJ by th0 books Of th. 68~ 

, oorpowtloIl, OF truatee, the stamp 
thy provided for by thi8 Artlole rpf be &ffixOd 

to 8 dU@iCEt8 Of 8UUh bll2 OP EWOxWLdUE urd a~~18d, 

and rooh dup'lioato of rush bill or macmamka~ 81~ be 

kept by thm party wlcing muoh 8ale ln hi8 p~88ff88lon. 

ii 

xoylded that la8 8h21 ater uptm tha lofmh 

122 ormworadwed6to~nwb8r thet 8uoh 

bill or mea@- vu am&in dupli that the 

. SWl?y 8Wh bill Ol'mOlttO~~ O!' 8610 Or 

.S@WQMt t0 8OU1 8hEl2 BhOW t&O date Of tih tl%UIMCtioII 

Vhioh it bYidO!Ia68, th8 arylDs Of the 8822W. tht3 EtOOk, 

or other wrtifleeto, to vbbh it nlatar, and the orpp, 

kroi 8ilSXW8 th8mr. All 8mhbl218 ormemorendaof 

s8leuhallboer8nwh8rupcmthefeo~thmwofandno 

~owthanems8trcrhbillor~~~OnndrrmofMlo~~ 

the 0022er c4h eny lwrt day ahe2l beer thu memo nwbmr. 

Thoaioremidideniticrrtlonmakr~ftha f bllla*raroruldlm or Mao 8heal ln all oaror be eat&d uad rrooxded la 8 boa of aoaount." (E&3hEJIl8 cmw) 

Ewn vlthoa tbo ~8818taRcP or fate ocm~2ulBlrs eut2mrltlwJ 

h8retqBrtrr altad aad dl8ouMod, w bellW~ the bun, tsxt of the 

8trtUti 8bOWqU6hd ipgbl8 t0 thU oOaa2Wiosl thBt blar inS%dWMOOf 

tb,kxfn~8tLaPII~trpoD~Mll*rort~~wrof~ror 

#ertlilaater of 8tOak end A, by no owooln*blr lnkrrpntetifm of tha 

rtetute, upon the ciorp0xettonor8u8oo%etfostvhoao ato&% l 02dor tmrerrud. It I8 quite tnto that other portlong of thie tex mua- 

#Ul'8p2MW 801wbttrdoaUpoR emO*rtiW OPMWWintlOWWhOt~ ~tOOk 

i8 boll&t 8&t &Old w tbrr fsvelrtiag Ox 8~tiqg 23Ub210, Sl#h L8 

the kseplng of moper moorda for Lru~otlon of the tex outherltle8, 

w SffixLng Ot tSX 8-8, Ot8.1 b&St thi8 bW&& 18 inOidOIlf4hl t0 

their right to do bu8ines13 f.m tbr utute and 18 an oafweamnt f'eatUreon2y,vhlch hs8 bsmnupholdlnthu 8~erh.rrr~krdi8aua8ed 

a8 blwm27 oonstltutlvaa2, Theidut ofbuylnpt?~thateqmevldeneing 

m;IJunt Of thi8 tsx i8 p 2ec#ed q UL ay W IQItOhQ s l p b z?O80r poM1 % 021 8 M nng or rffoctwtlng the 8a 2.a r twe Q8is~.* The tax b a rIa s not 

em ed ~alom81 or other dlrwt tax up0a stook ima& 01 ha2d by the 

md cex&'iOx&ioE8 and 888O@ktiW8, but Hbtkwx ti Sn %ndlaw& Ox 

OXUl80 tsX UpOa th6 PtiVii4Pg0 Of tWMfi* 8Wh 8hWS psb 2ti8 

l gelwtthep r fxBo n, r 5o r iwpor 5tlc uts8awhpxlYil*~* x o wla iQg tovit: the a mllox *tx-abxu~mr r of thm 8tOdK. ml8 ooatwallug dlatlwtion, to oux end, Qekem the pos~tlw Of xr. 

hi8 aUthOl’itiQ8 tnswOUih, vlth the 

Psderel sgunoisa or lwt wy not w tuad by a 8tot0, w, 

of aourw, do not dlffex, 
~Q@xab16 Q6orgo R. shmppard, P&v 5 

our Izlkl1pd5 or thU %tAtutb 18 fortified by the p0rEw8iVe 

~ti$~X,rsbtiOR Up05 thLI. QUq8t:Oll rCrCOl’dUd th0 HCW York 8tOOk -Sfar % kCt, frOl2 StbiCh the %XiW Act iS ~ttGSFU8d. f&d.U.iOZJ HO. i?i?o 

bf the Attornay Oenerbl of Xev York in 2939, prior to tha eumotwnt 

of the laatsnt PBRUE~, holea t&&t tretrorara of the sto&k of l Pro- 

&&%05 Credit Aoaccitrtion, %Vm.i thou& A F&era2 bstrww?W2ity, 

‘&kim?ized bjj Podore bw, ime 8ubjout to tu. iah woh oppinion it 

18 mid that %lB ia;pOSitiW Of 8Uilh 8 tax UpOIl UZ IndiVidIW2 -0P 

do88 not becom 0 burden ~05 the FeUora3. Ldotmaiteatelltle8, MB 

dOa?8 it In eny vay iatorfew with or lrmpdr Bay of the r&at8 and 

&it%08 Of the hdOl'Ol .&$.llCi.8. " 

!&? OR80 Of &W'OS Bt 61 YE. ?h.bS, (193) 257 np0. Dir. 

889, 12 H. Y. S. (24) 76, hold8 it to he the 6.Utr of the penan N&king or effeotwtlng A salo or trem.fder of 8toak to aff%x or 8ame2 

thr StWPfD. 

me uckae of wllle V8. Addcae et al, court of Appeex8, July 

11 1935, 268 El. Y. 160, 197 B. E. 280, aSfw Uyl%e ~8. A&M, 

2d R.Y. 9. lOQ,hol~ Wtthe fall~reto~r l tooktruwfer tax 

w thB 8ell.P UpCn th@ 88x8 Of StOOk pFW1ubtS M 8OtiOB t0 WO0Y.P 

0x1 ~ii;mrobese money note. 

How dlxectly b6ar 

""B 

upaathe*rgwoQt*edwnoedbythB 

l ble oounoel for the Peaa Cwd t Mmlairtratloa, we pokrt to tie%- 

liOW w.th. 8Upl'.l!lO &UPt 0fthr~~ed5totO&U@W~db5 St&b St4tuter deilgned to QLP(LID national bmakiag oorpo&utlmw,k~r(Bitted 

holders of mid banZcrr. 

Fe&m2 ag6nc~e8, to collocL and wmit taumB letird opan the shamFirst Ratlozllal Bank V+ Xmmttwky, 9 Well. 35 , 

29 L. R%. 7015 Citl8eam Bietlmml Bank Y. Xentwky, 217 U. 8. 013, 3 ,.' 

21. Ed. 632 30 9. Ct. 532~ First Itntiond. Wak vr 6h8h6u.8 Oouaty, 

166 T3. 9. 4&O, 41 L. B?d. 1069, 1 S. Ot. 629; ~aehentm & I. Ret. 

BAY& Y. Fuula~2rsnia, 167 Il. 9. L I, 42 L. ~4. 236, 17 8. 0t. 829. 

Klth mfelmlos to the czantentian that tb* lnawl%t tax 

~SUl’8 gbO0O Oil UQOCllX8titUtiCUd tO% OP btW&BXi UJWXS 0$@UOi.S 01 

iMtl’UUl~trlit~.S Of thQ FOd4F81 &W8Pnmont, VU thillk ohs 668. Of 

aelOPAa0 x.mC43d %I& VI. hdmd, 32o WI 8. 41, 84 ]t. Bd. w67, 

ikrnlshw acampleteansvsrr In t&phcadLdiag: the aanstitatlonal2ity of 

a state l.Ev FQqULrfng rLstiolwb1 bankl.ng 0oryarrtLans to aolleot md 

PBQit to the st”te, A tt3X levied 1@02I W8tWOP8 Of the bank, ba8.d 

Upon the ~81~4 of safcreg dbposit box utwti4e6, the m3mme Court 8816 

s9h4 person lM32ta lor eha tax, prbbsrilg, wnnot alwys be ssld to be the real taxpqor. The taxpapr 2s th4 peruon u1tlnlRtely u5lmB l-or th4 tax 
itseli” The fbd8 vhlah vere ru*ivod by the stat. 

O(IPDO fru8 theig6etu of the u8er, not fm8 thoao of t&e 

f66eral l.wtrumerltallty, the bank. The c010md0 supmwae Court holds the wer ie tha taxpayer. The doterml.wt1on of the ststte Qotlrt &a to the lncidenoe of the 

tax has grut veight vith w and, VheA it fellow logluuJ.the lanigmge OS tha Aot,u hare, lr oontrallLnC;. 

As the u8er dinotly iunsinh~ the f’t~idm Soa’ the tax, 

notu multimate cowwrvitha tranafamsdbwden 

but by 1 l? of the Act ir the moponrlble obliger, yo 

oosclude the tale upcmhianotupon thebmk. '&a 

OWU&tUZ Or bva Of the Thited Skrtu do AOt forbid 

. 

%he tu ai.ng 8 p8wi~ibb tu 03i 8-m 0r 

the bank, it is mttlod by our prior daolriona that th@ 

8ktutory provirioa8 lwquirllag oolleation and aumzm*lexI 

of the taxer do not Lqpoae M tsnaonr~itutianal burdaa 

QD 0 fedO=l iA6tF lEUAt8li~. l l l 

UpoA these ooosidentl~andau~~t~~0400rd~ly 

a dvisp oe u the the l llcr or tr a Asforor o f the a la r ew s mer tfflo & u OS atook or the sorpor a tiiu?ld w u*8etrtimla Aued in p o ur 

letterir , llablo for the exaiae or wvilqp tax l.vSad w thm 

Texu teook Tr wder Ia r , lwgudl4rr a t a u rktw o i l wh a orpor a - 

tiotu or a~aooiatlexu aa Pa&ml q4n81** o* LnrtrlarnWitiu, a 

qwrtioA vhloh ve mad uAAeac8~ to Ilen pare UpoA. 

Yeum very tawly