Bon. J. M. Falkner,Gnmissioner state Departmentof Banking Austin,Texas opinionNo. V-13l.l. i' Re: Applicabilityof Senate _. Bill No. 339, Acts 52ud Legislature,1951, to loanand brokerageocm- panies organizedunder seotiolls43, 49, and 50 of Article1302 and un- Dear sir: der Article1303b, V.C.S.
Pour requestfor an.opinionreads, in part, as fol- lows:
Vi.ssirmingthatSenateBill No. 339 passed at the last Sessionof the Legislatureis or will subsequentlybeheldtobeavalid law, w%llitbe necessaryforloanandbrokerage com- panies,heretoforeor&auiaedunder Article1302, lX?b,haviuga capitalstock of $5O,OOO.OOas requiredin Senate Bill 339, to amend their charters,or can they enjoy the additional~iv- ileges granteduuder SenateBill 339 without an srmndlmnt?"
SenateBill 339, Acts 52nd Leg., 1951, ch. 472, p. 832, provldesin part:
"section1. Corporationsheretoforeformed or hereafterto be formed for the purposesspeci- fled in Seotlons48, 49, and 50 of Article 1302 and Article1303b, Revised Civil Statuteeof the State of Texas for 1925, am3 bavlng a minimm paid- illcapitalof Fifty Thousand (d50,OOO.CC)lbl3ars shall, in additionto the powers conferredupon corporations by the general corporate law, have the folloulugpowers. . . .s
The additionalpowers grantedto those corporations mentionedin the first paragraph of Section1 are set out in Bon. J. M. Falkner,Page 2 (V-1311)
detail along with the obligationswhich attach to the exer- cise of the enumeratedpowers. SenateBill 339 is a compre- hensive set of regulationsfor loan and brokeragecompanies, and most parts of it have no bearingupon the questionpre- sentedhere; hence the statutewill not be quoted.
Subsections48; 49, and 50 of Article 1302, V.C.S., authorizecorporationsto be formed for the followingpur- poses:
"46. To accumulateand lend money without bankingor discountingprivileges."
"49. For any one or more of the following purposes: To accurrmLBfeand lend money, purchase, sell and deal in notes,bonds and securities,but tithoutbankingand discountingprivileges;to act as trusteeunder anylawfulexpress trustcom- mltted to them by contractand as agent for the performanceof aq lawfulact."
"50. To subscribefor, purchase,Invest in, hold, own, assign,pledge and otherwisedeal In and disposeof sharesof capitalstock, bonds, mortgages,debentures,notes and other securities, obligations,contractsand evidencesof indebted- ness of foreignor domesticcorpxations not oom- petingwith each other inthe same line ofbusi- ness; providedthe powersand authorityherein oon- ferred shall in no way affect any provisionof the anti-trustlaws of this State."
Article1303b, V.C.S.,provides:
"d privatecorporationmay be formed for anJ one or more of the followingpurooses;without banking or insuranceprivileges)to accumulateand loanmoney~ to eell and dealinnotas, bonds and seouritlea;to act as Trusteemxler aqv lawful ex- press trust oonnnittedto it by oontraotor W.l, or under appointmentof aw court having jurlsdlo- tdon of the subjectmatter,and as agent for the performanceof any lawfulacts to subeorlbefor, purchase,invest in, hold, own, assign,pledge and otherwisedeal In and disposeof shares of capital stooks,bonds, mortgages,debentures,notes and other securitiesor obligatlona,contractsand evi- dence of indebtednessof foreignor domesticcor- porationsnot competingwith each other in the . . -
Ron. J. M. Falkuer,Rage 3 (V-1311)
same line of business;to borrowmoney or is- sue debenturesfor oamyingout any or all puvposesabove enumerated. Providedthat the power and authorityherein conferredshall iu no way affect any of the urovisionsof the anti-trustlaws of this state."
Article1318, V.C.S.,provides:
"'Allchartersor amendmentsto charters, uuder the provisionsof this Chapter,shall be subjectto the power of the Iegislatureto elt62, reformor amend the sazm."
A questionvery sidlar to that under