Mr. E. B. &Made, Chief Accountant OpinionNo. WV-l.22 Tome Stat8 Park8 Board Austin,T8X88 R0: PmpOr depositoryfor dividend Check8fra8 atOOk gIveenState Park8 Board for maintenanceof Bear Hr. Car&de: Varwr-Hogg State Park. ik qUOt8 the follovingfra yO"Z letterrequestingOUT Opinion on tim above captionedsubjsotr
"Enclosed18 a photoetatcopy of a deed dated December3, 1956, from I188Hogg to the State Park8 Board of the State of TO=8 0onv8ying52.67aorea in BraaoriaCounty,TBWII,for State Park purpoeee.... n hb haY0, in OllppO88888iOZl, etock Cer- tifiaaie;&dewing 330 elnreaof KennecottCopper Corporationcommon atook and 100 share8of Iiiggett and Myers TobaccoCompanycomnon&Oak. Theee atoak CertifiCatasaI' in the name of the State Parks Bosrd of the State of Tame.
"We have receiveda check from Liggettand Myars TobaccoCompanypayableto State Park8 Board of the State of Tex88 in the amount of $200.00and a check from KennecottCopperCorporationpayable to state Parka Board of the State of Texas in the amount of $495.00in pagmsntof dividendson Bald hares of stock.
"In view of the ~ovleion in said deed that:
"'all of the cash dividend8from said 8toOk ahall be used only far the operation,maintenance and improvementof the premieesherein&we granted, and no other,and that the title to said stook aball veet and ren!ainin said State Parks Board for 80 long a tlw as said premisesahall be used for State Park purposes,as hereinprovided',
m reepeotfullyrequeetyour opinionon the following question: Mr. E. B. CaIniade, page 2 (WW-122)
v'Whereie the Stat8 Parka Board authoriaed to d8pO8itthe dividendoh8ok8 in ordar that an aOOOUZltICaybe 08tabli8h8dWb8by the Stat8 Park8 Board oan oarry out the proviaionaof said deed?'"
In additionto the provisionvhioh you quoted in your latterof requeet,the deed containsthe followingproviaionr
"TO HAVE AND TO HOLD the above deeoribed premise8and shares of stock,togatherwith all and singular,the right8 and appurtenancesthereto in anywise.belonging unto the said State Parks Board of the State of Texas 80 long a8 said pre- mises are continuouslyh8J.dand used by said Grantee,and its succeaaora,a8 a State Park under the covenants,terms and provieionshereof, and no longer;and if the same be not used for said purposes,or at any time cease to be used for such pUQO8e8, Or at any ti8leb8U8ed'fW any other purposessave and except those uhioh are herein expresslydescribedand mentioned,then and thereuponthis conveyanceand tran8fershall be null and void and said pW8i808 and 8hare8 of stock,togetherwith any additionalOF substitute ehareswhich may be hereafteracquiredby way of merger, consolidation, stock dividends,split-ups, and/Or spin-offs,by the issuingcorporationsor their successors,shall isuwdiatelythereafter revert to Grantorherein,her heir8 or assigns, and it shall be lawful,without suit, but only upon the giving of reasonablenOti to the &ate Parks Board of the Stat8 of Texas, or it8 8ucce8- SOTS, for Granterherein,her heirs or assigns,to' re-enterand repossesssaid premisesand repossess said sharesof stock,and thereafterpeacaablyto hold and enjoy said premisesand shares of stock as if these presentshad not been made; and no act or omissionon the part of Grantor,her heirs OT assigns,save the failureto give such notice, shall be or constitutea waiver of the Operation or enforcementof such condition;and upon such occqence the State Parks board of the State of Texas herebyexpresslybinds and obligate8itself to re-transfer,re-assign,and deliverunto Grantor, her heirs or assigns,and all