have been pa1.dand~on each anniversary'thereafter sudh~'.divldends and/or credits as shall have been apportioned by the Board of Directors to thlsPol'icy shall at the option of the Insured by (a) paid in cash, or Honorable Qeorge Van Fleet, page 3 0 -2652
(b) used In reduction of Walker Plan--SinglePre- mium Note, or (c) left with the Company--to aboumulate to'the-'creditol the policy atsuEh rate of interestas the Board of Directorsmay determine." WhLle this Policy Is In~for&e'an&,.~ .~, ~. before ~efeiiltifi'the~paJrment'of.any~~interest due'siMh.ahdui&latea diviaends~may be~wlthdrawn in cash upon-'anyannlversary'of the.pijllcyif nbtpald or applied beforehand, or-shall be payable~upon ldaturlty.of'this~PoliCy'to the. person entitled to receive'the proceeds. If iio option Is selected the dividends will be applLed under option (b).
"All interest payments onthe' Walker Plari'~ Single Premium Note-'afterthe flrstare atwand payable monthly in advance at the Home Office of the"Company in theCIty df~DalIas, Texas, or. to's de^signatedcollector on-"orbefore aate'due; but ~ln any~case only'% exchange for the Company's reheipt therefor,'"signeti by the Presldent;Vlce- Pre5ldent,Jecretary,'Ass'Lstant~ Secretary or' Treasurerand countersIgned bysuch collec'tor; The"mod-eof interest payment may be ~changed'tb'~ tbree~months, six months or twelve months ih ad- vance, but except as herein provlaea, the payment of any interest on the Walker Plan Single'PPemium Note'or installment thereof shall not maintain the PollCy in force beyond the date when the neistin-' terest payment or installment there of is payable. Any unpaid portion or installment of such interest payment on a Walker Plan Single-'PremiumNote for the policy year during whLch death of the Insured occurs will be deducted from the sum payable under this policy. Upon default in payment of any inter- est on any indebtedness secured by this Policy due subsequent to the first'twelve months' interest hereuiider,'thisPolicg shall be~null and-void-'and all"payiatints forfeited to the Company except as herein provided." _-..,- It is clearly apparent from a reading of the abode quot.s&portions of the policy~'that'TexasState Life InsuranBe,,. Companyis writing insurance l~.6r,mijiithlg~.prem~ums upon a"'planother than'the %eek- planq ,I.L It is therefore the~'bpiniofi-'of this-a~epartmentthat Texas Stete'Life~Insurance"~Companyhii's-'~- noauthority to write insuran'ceupon the "Walker Single Prem- turnPayment Plan," as outlined in said policy. Ronorable George Van Fleet, page 4 o-2652
Very truly yours ATTORNEY GENERAL OF TEXAS
By s/W% J. Famiirig Wni.J :'Fannlng Assistant ,. APPROVED AUG 28,,1g40 s/Grover Sellers FIRST ASSISTANT ATTORNEYGENERAL Approved Opinion Committee By s/BWB Chairman