or auy rmu of public sollcltatlon.)
Concerningcorporations,Section I only exemptsfrom the Secu- ritiesAct, salee made by corporationsof its securities,which could re- 6ult ln lucreasingthe stockholdersof the corporation.The only eecu- rltiesthat a corporationcould sell that could increasethe number of stockholders would be shares of its capitalstock.
The exemptioncontainedin SectionI is ouly.appllcable to the sale of a securitythat would result in the vendee acquiring a pro- prietaryinterestin the corporation,uuincorporated associationor part- nership. The number of personsholdingan Interestin ox under au oil, HonorableWilliamM. King, Page 3, (WW-564)
gas or mining lease, fee or title as a result of the sale is.immaterial as far as such exemptionis concerned.
The purchaserof an interestin or under an oil, gas or mining lease, fee or title from a corporationdoes not therebybecome a stock- holder In the sellercorporation.The mere purchaseof an Interestin or under an oil, gas or mining lease, fee or title from an unincorporated associationor partnershipdoes not therebymake the purchasera member of the unincorporated associationor partnershipwhich sold the security and the purchaserdoes not acquirean "interest"therein. Of course, by subsequentcontract,either expressor implied,or by subsequent acts or conductamountingto an estoppelsuch purchasercould becomea memberthereofor acquirean interesttherein,but the mere purchaseof an Interestin or under an oil, gas or mining lease, fee or title would not make the purchasera member of the unincorporated associationor partner- ship, or amountto the acquisitionof an interesttherein,or make him a stockholderin a seller corporation.
Your first questionis thereforeansweredin the negative. We are not passingon your secondquestion,in that it was predicatedon an affirmativeanswer to your first question.
SUMMAR,Y
The sellerof any interestin or under an oil, gas or mining lease, fee or title may not claim the exemptioncontainedin Section I. of Article 581-5V.C.S.
Yours very truly,
WILL WILSON AttorneyGeneralof Texas WVG/fb
APPROVED: W. V. Geppert
OFlNIONCO~ITTEE:
Geo. P. Blackburn,Chairman
J. C. Davis,Jr. WallaceP. Fiufrock
RBVIm FOR THE ATTORNEXGENFBAL. BY: . MorganNesbitt