HonorableTom 1. Beeuchamp Secretaryof State Austin,Texas
Attention: Mr. Claude A. Williams
Dear Sir: OpinionHo. O-1140 Re: Statutesapplicableto a foreign corporationissuingno psr value stock and applyingfor s permit to &business inTexas.
We acknowledgereceiptof your letterof July 19, in vhich you request the opinionof this depertmenton the follovlngthree questions:
'1. In the matter of a foreigncorporation with non par value shares of stock,must such corporationshow that at least $25,COCof the non par valus'shareshave been subscribedand paid for which in no event shell be less than ten per cent of the capitalstock?
"2. In case of a foreign corporation vith both per and non par shares,would such corporationhave to show that 5U$ of its par value shares has been subscribed.:and lO$ paid in, providingthat such non par value shares shall be not less than $25,000paid in?
"3. Would Article 1530 of the Revised Civil Statutes control in all instances in the matter of foreign corporations, that is, muat each foreigncorporation, regedless of its divisionof capitalstock into par and non par shares,be controlledby this articleof the Statutes, re@rdleas of the limitations conferred by virtue of the non par value Act?"
As you indicatein your letter,,in an OpiniondatedAugust 2, 196, addresse&to Eon. D. A. Gregg,Acting Secretaryof State,Assistant AttorneyGeneralGeorgeE. Christiananswered-tie identical questionsset out above;the first two in the negativeandU.e third in the affirmative. HonorableTom L. Beauchamp,Psge 2 (O-1140)
The provisionsof Chapterlga, Title 32, RevisedCivil Statutesof 195, apply only to the organizationof Bomeaticcorporationsand the e?aendment of &a&em of domesticcorporations.The articlescontainedin Chapter 19, Title -52,RevisedCivil Statute8of 1925, set forth the conditions under which a foreigncorporation vill be permittedto do businessin Texas. We enclosea copy of the Opinionof AssistantAttorneyGeneral Christian,with which we fully concur.
Yours very truly
ATIXRNFX-OF~
s/ Ross Carlton
BY Ross Carlton Assistant
ENC.
APPRO~'~ JULY 28, 1939 s/w. F. KmlE FIRST ASSISTART ATTORUEf G-
APPFiovEBOPmIOH col4lmYTE RI R. w. F.,