*1 OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN

Hon. L. S. Johnson - Page 10

Since the plan now under consideration does not "aome within the purview of Article 152&a*, in avower to your question (a) it is the opinion of this department that certificates of such types are not subject to the limitatione and restrict&one contained in Article 152&a and need not be approved by the Banking Commissioner. Therefore, we answer question (a) in the affirmative.

Article 696 provides as follows: "Each corporat!.an, oompang or inditidual, doing business in this State a&a bond invfbutment company, or company to place or sell bonds~ eertkkficates or deben- tures on the part&al pa: nt or inet&Xment plan, eha.U r depotit with the State masumr, &II cash, or seauritiee

approved by said Treasurer, the sum of five thousand doU.ars, and shaU deposit eea~%*annuaUy ntth eaid Tmmsurer, in oaahor aeetMt&er, te be approved bysaid offiaer, ten p+w Oknt 0S all iibt rez&am mchved until the suln depocrited Ba#)ants to:ems mndmd thvusand d&lars." %. From whet we have .&Ld la &M$’ tiequ&;onn~~~~~~yr

opinion that it neeessar&ly poL10ws th& the ,FCooparativv Board Olr~iPboatsrn ths @thy QfbOSld8, certlfPcates OF debentures as vo Sole 6%. On the contrary, it amvmta to c sale of instaxlwmz: pl‘&u%. avmpany 18 not requ%red Therefore, it is our epiai~on that to au&a, the deposits set forth in

9n view 0S our bmnwx to que83,ion (a} j it guhrer question (c). We t%rkmm queatibn {d) Pn the

Yours vvry JR:djm