We acknowledge receipt of our’ request for an opinion on whether or not under Artlele 708 1 Vernon's Annotated Civil Statutes, as amended by the 47th Legislature, Regular Session, you may assess the franchise tax on notes, bonds and debentures that mature in less than a year but are outstanding more than a year from date of inception and have not been renewed or extended. The above article reads in part as follows: * . . . All such Instruments vhich bear a maturity date of less than one year from date of iaaue but which represent Indebtedness which has remained out- standing for a period of one year or more from date of inception, but which have been renewed or extended, or refinanced bgthe ifsuance of other evidences of. the indebtedness. . . (Italics ours) A court will not assume to construe or interpret a statute if there is no necessity for it to do SO. Larkln v. Pruett Lumber Company, 209 S.W. 443. Ror is a court privileged to interpolate vords, to add or eliminate provisions, or to en- large, extend or restrict the scope of a law, except as this may be necessary to effectuate the legislative intent. 39 Tex. Jur. 89.

"The word 'but' (as used in the amendment) is an appro- priate term to indicate the intention of those who use it to limit or restrain the sense or effect of something that has been said, or to Indicate a proviso, condition, qualiflcatlon or exbeptlon." i;ion Bargain Trust Co. vs. Bulldin Securities Corp., 273 H. W. . (Parenthetical InsCrtion ours

Hon. Wm. J. Lawson, page 2 (o-3330)

Prior to the am&&meat here under Consideration, the tax was calculated upon bonds, notes and debenturee other than those maturing less than a year from the date of Isaac. It is apparent from a reading of ~the amendment that the leglslatlve in- tent was to include, other bonds, notes and debentures. The amendment says in plain anQ unmistakable vords that there shall be included those bonds, notes and debeatnrer maturing In less than a year provided they have remained outstanding a year or more from the date of inception and further provided that they have been reneved, extended or re-financed by the issuance of other evidences of indebtedness.

Yen are, therefore, advised that you may not include in the supplemental report those notes, bonds and debentures which are’issued for a period of less than one year from the date of Issue, and which represent indebtedness which has been in existence for a period of one year or more from the date of in- ception of the indebtedness, but which have not been renewed or extended, or re-fbanced by the Issuance of ser evidences of the indebtedness.

Tpgsting that the foregoing fully ansvers your inquiry, we are

Very truly yours ATTORltEY GEIIWAL OF TEXAS By Richard H. Cooke /a/ Richard H. Cocke Assietant APPROVED JUL 18, 1941 /s/ Grover Seller6

First Asslstaat

Attorney Beneral

RHC:X?:B

APPROVED Opinion Committee BY BWB Chairman