than the nationalbanks of the UnitedStates shall be permittedto exercisebankingor discountingprivilegesin this State." (Emphasissupplied). Obviously,the conventiondid not consider c'iscountingan indispensable elementof banking,or, in other words, bankingas includingdiscounting.
But, entirelyaside from the Constitution,the conslusionhereinafter expressedwould be compelledby Article 377 of the HevisedCivil Statutes.
Upon these considerations, you are respectfullyadvisedthat a banking corporationorganizedin the manner and for the purposessuggestedby you HonorableJohn Q. McAdams - page 3, O-4912
would not be entitledto receivea charteruntil all of the authorized capitalstock had been subscribedand paid for in full in cash.
Very truly yours
A??IORIiEX GEX3RALOFTEXAS
BY a/ Ocie Speer
Ocie Speer Assistant
OS-MR-cg
APPROVEDOCTOBEB17, 1942 s/ GeraldC. Mann ATTORNE?Z GXNERALOFTEXAS
committee By BJB, Chairman