*1 t

Honirs~o~~tiorgo H. ,Sh*ppwd

cXmptroll*r yf.+blio Aooouats

Austitl, T~Oa48 opiaian loo. &451&A D8sr sir:

.i Rd Roocmsidorstiat of +45lS. Our sttmtioa hss boti osllod to'& fsot th&in &opinio~ HO. 4515, m hold that the staoktrsnsfmi tu lovied'by Artiols'~ House Bill .8, R8gtl.m Soseion oftho Forfp-8ev.~fh~Lmgis~sturo (oodifiod ss A& 7047~1, ,V.A,C&), ii spplicibie tom sties; ohat- io+nts* oortifiortos *nd pIS8 books is+uod by Fedwsl Swinga 8nd Lo* Assdoistiti8. ~...

~.Uppn riooasidsrrtioq of 8uoh bpia$oa,'& hGe oonoludod thst suoh ~.. holdtagdth refermoo tcF8de+ Ss+ga sad. J&I Assdaiitions:ir &onoous~~~ " Sectioa 10 of Art. '7047-q V.A.C.S.;provid+8 thatr ” ~~

%%IJ tu tiporod'~thZs A~%ible shall.tiot k~oon8trl.d a8 king ip&osbl. to shsiw, sham ~oounts, o&tifisstri or pus b@&issmd by sny'brrildiag ~aitd losm sssooiatlox &art&&3 undirthti'~lsir8 oi,ttiis &&+;:ior.to or&it uttiotm d8fin.d in Artiole 245l, Ewi8.d &vii Ststu~ot, 1926."

Artiolo 88X-r. Sootion~57-s, V.A.C.S., xydb ss follont~. 1 ?I&& kd8ra1 Saving8 and Loan Ass6oiation~lnodrporat8d under the provisi- ons'of EcawOmws~ .LoraOt of.1953 as 110~ or h8naftn rmetidod; domioil- - -. _, . .~ 8d ltt the stiti .of:t8x88; aRd th 8 ho. dor8~ of,shrii~~.~dr:socZtuiik'isPU~d by .UQ'~+UI& s8sOOistiOR 8hill tiV6-ill~th8~:rightz8,~ el3, alId ,&Til*g&8, and

shall k .&titlod tcthe PM. oz8zpptloaa and %UW4iti8~,tWlhibh building and'lo~s8sociatioas orgmiz8d under th8 lsm of'tbis.Stat8 8nd holders of the 8hm& and Sh 8OOOU4ts Of 8UOh sS8OOi8tiaM m enfitlad."(&pbs8is onrr) .