# 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 papersor 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 lrlth

### seotlon **1 of**  **the Lot**  

### fwtbar **provider** 

### the **mode and**  **aura of**  **paywrit cf**  

### rswh **tam**



### "**~ThopsJwrntofmehtax~llkdowtsd b y aa adhe sive etmp or 

### stantps af?WOd l 

### follows~ In the OELB OS IIwla or tram&m, vhew thu evidenw of 

### ths tr@m%?tLIW

Is 8hoW aatJ by th0 books Of th. 68~

, oorpowtloIl, OF truatee, the stampthy 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 

### partywlcing muoh 8ale ln hi8 p~88ff88lon.

ii xoylded that la88h21 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. tht3EtOOk, 

### or other wrtifleeto, to vbbh it nlatar, and the orpp, **kroi** 8ilSXW8 th8mr. 

### All 8mhbl218 ormemorendaof s8leuhallboer8nwh8rupcmthefeo~thmwofandno ~owthanems8trcrhbillor~~~OnndrrmofMlo~~ 

### the 

### 0022erc4h

eny lwrt 

### day ahe2l beer thu memo 

### nwbmr. Thoaioremidideniticrrtlonmakr~ftha 

### bllla*rarof ruldlm 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 oOaa2WioslthBt blarinS%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 texmua- #Ul'8p2MW 801wbttrdoaUpoR 

### emO*rtiW OPMWWintlOWWhOt~ ~tOOk i8 boll&t 8&t &Old w tbrrfsvelrtiag 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.mtbr 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 

## p2ec ed #qUaW y IQIOQ ths l p bz?80 1% Or poM0218 L Mnng or rffoctwtlng 

## the

8 a2.e ar tw Q8i s~.*

The tax 

## bara

Is 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 ge lwtthe p rBon,

fxr5 o riwpor5tl c utsxowlaiQg 8awhpxlYil*~* tovit: the 

## amll* r ox 

### tx-abxu~mr

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 -S**  **far %**  **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. iahwoh 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?8it 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.Utrof the penan **N&k** ing or effeotwtlng A salo or trem.fderof 8toak to aff%x or 8ame2 thr **StWPfD.**

me uckaeof 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 dlxectlyb6ar""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.EvFQqULrfng rLstiolwb1 bankl.ng 0oryarrtLans to aolleot md **PBQit** to the st”te, A tt3Xlevied 1@02I W8tWOP8 Of the bank, **ba8.d** Upon the ~81~4 of safcregdbposit box utwti4e6, the m3mme Court 8816

s9h4 person lM32ta lor eha tax, prbbsrilg, wnnot alwys be ssld to be the real taxpqor. The tax

### papr 2s th4 peruon u1tlnlRtely 

### u5lmB l-or th4 taxitseli” 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 **doter** ml.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 03i8-m 0r the bank, it is mttlod by our prior daolriona that th@ 8ktutory 

### provirioa8lwquirllag oolleationand aumzm*lexI of the taxer do not Lqpoae M tsnaonr~itutianal burdaa Q D 0 fedO =l iA 6 t F lEUAt8li~. l l l
UpoA these ooosidentl~andau~~t~~0400rd~ly 

### a dv i s e p ou t he t he

l ll cr ort ra A s foror oft he

a l a re s

w me rtffl o& u OS **atook** 

### ort he s orpora tii?w

ul d **u*8etrtimla** 

### A uedin p our l e tt e r,

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

### Texu t e ook Trw der Ia r,

lw gud l 4rr

a ta u rktw 

### oi l w h a orpora - tiotu or a~aooiatlexu aa Pa&ml q4n81** o* LnrtrlarnWitiu, a qwrtioA vhloh ve mad uAAeac8~ to Ilen pare UpoA.

Yeum very tawly