*1 OFFICE OF TtiE ATTORNEY .GENERAL OF TEXAS

AUSTIN Ronoruble JBSBG JeEWe

Strts Treesurer

z‘<ustln, Texas

,.. . ‘,

prooent Banking Coidaaionor he8 reeohed the oonalueion that tblrr was ,In error8 tharefore, that depmtment no longer vxereieoe rruoh / powers.

w3urirrg tha time the Benking Departmnt ~erercl.seO eq~rrvlslon over ssaarltifn under Article 696 by tbc Greet haeriann Life the dcpxslt ua(s ~nareerred Underwriters, Ino., to $1oo,qoo.oo u. z?,. Treenury Sanlc sncl thrse bonds have been ~nitMr%wn until the prfrtnt tie- poeit ia cmqoeod of the iOllorpinc: ecourftias:

10,00&00 Virelala publia 5ervlo8 Coa- ge~e,Sinkiw, Fur14 De- 25,OitO.OO U. 6. 2&i Treasury Bonda s.ooo,oo Q190,000.00 - . Ia 0rUw to detew0 the dutlu *b recrpfanti- of the Sk$e Trearurer in tai8 oenuee- bllltler tion, we ktoaly ask ror 8n ~ploion 00. the fsllou- ine polntsr

ml. 3i4 Sonsto Bill plo. I.65 and eamnd- ms#nta, amnd Artiale 696 anil gfve the Baak- in& 93partme.nt tlw power or e~th!2xlty to Rupex- V~SP the Uepoeft and withdrewrl of 66tSWit186 placed ~&er i>SoViSia of' i;rti.ole 6961

-2. S~inoe the Sttts Troatiurer haa ix+ method of 8eouring the umrket value of the seourltlas llOw OXI deposit undar .Artic1e 696, 4xOept fro% the 36rhxii0 4xt?dniitio;n of the ebore Ore~t fm6pioeo Life Ux&mmltsrs, Inc.

by the State &inZlne 3cpertment, do ys+u oon- sld*r the eboved as aaoepte’Jle oollatsrrvl for the pmteotlou require4 by Lhd- atr.tutoe govern- i.AliJ suob deponlte?

“3. Ts it; neoesecq for the SLtti ‘i&as- u2er to obtuin tht, writtm trpp-oval of tbs At- torney Sener:il of all srcwi5ties depo?~ited under Art&lo 696-i

n . ...*” 0r tha BevIsed, civil statutso or Article Texae is au follmm:

%bb aorgomtion. ooapany or lncllvldual, doing busincea in thin State a~ a bond invest- rsant ocmpany, or conp+ny to plsca or sell bonde, On the partial, OF dabsnturw pw- .~ Obdiiti~SteB aeat or tns~alltaent plan, ahal& depoalt with the Stats Trrasumr, in ~traah or 8ewrities ap- proveb b aaid Treaaur~r, 5w.a of dive tbou- #Uid 00 uXS, aAd hi&l, bepO5it •~IZ&UUZUU~ J rith mid Treesurer, in oad or 1340uritAs8, to be approv&l by mid oiilaer, ten per oent OS the ma all ,pat predunre reeeilyad until utaouota to ode ‘hundrcnl thoumad dollnra.

Aotta ltB$P, pe l18; Ip. L. Vol. lo,, &t 1172.”

mtmb b99 is 8~ r0ihw0t %A request of any such ooapeng, the Stats Treasurer is euthorized t.o pera2.t auoh oon~ ln~erdwige oaah ior neaurltiea or seeur- itle5 r0r tha oash dapodtaa by ruoh oonpaay under tbe provleiom oi thie title with mid Treasurer, such sQourltie8 alwaya to be spgrOVe4 by seld Treesurer on the mltteri advtat of tha Attofpey Genersl. Rota. 1901, p 282.”

The only part of Smete ~BZll No. 165 fin& mend- mGAtS tfi4x4t0, ?thiCh iS ~miOl4 152&i Or v0h~A’B hnnOtat48

Tear Bktuter,, that thrws any light on the qW&lc%i arked by you 1s the tollawing part Of Seotlon 7 or said AOt:

*. . . . . "f-l1 sash or sscuritite left with the State ia co~qM%aae with Lrtlol% 696, ite- Trewurtr viaed Clr:l Stetutar of 1.925, ~hali he coosldered ualer this aspmt ai coltaterel rripuirsd Beotibn."

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