                          t




Honirs~o~~tiorgo
               H. ,Sh*ppwd
cXmptroll*ryf.+blio Aooouats
Austitl,
       T~Oa48

 D8sr sir:                             opiaianloo.&451&A
.i                                     Rd Roocmsidorstiatof +45lS.

         Our sttmtioa hss boti osllodto'& fsot th&in &opinio~ HO.
4515, m hold that the staoktrsnsfmitu lovied'byArtiols'~ House Bill
.8,R8gtl.mSoseionoftho Forfp-8ev.~fh~Lmgis~sturo
                                               (oodifiodss A&   7047~1,
,V.A,C&), ii spplicibietomsties; ohat- io+nts* oortifiortos*nd pIS8
books is+uodby Fedwsl Swinga 8nd Lo* Assdoistiti8.~...

        ~.Uppnriooasidsrrtioqof 8uoh bpia$oa,'& hGe oonoludodthst suoh ~..
holdtagdth refermoo tcF8de+     Ss+ga sad.J&I Assdaiitions:ir &onoous~~~      "
Sectioa10 of Art. '7047-qV.A.C.S.;provid+8thatr    ” ~~

 %%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.din Artiole245l,Ewi8.d &vii Ststu~ot,1926."

             Artiolo 88X-r.Sootion~57-s,
                                       V.A.C.S.,xydb ss follont~.1

 ?I&& kd8ra1 Saving8and Loan Ass6oiation~lnodrporat8d    under the provisi-
 ons'ofEcawOmws~ .LoraOt of.1953 as       110~or
                                       - -._,..~ h8naftn  rmetidod;domioil-
 8d lttthe stiti .of:t8x88;aRd th8 ho.dor8~of,shrii~~.~dr:socZtuiik'isPU~d
                                                                      by
.UQ'~+UI&s8sOOistiOR8hill tiV6-ill~th8~:rightz8,~el3,   alId,&Til*g&8, and
 shallk .&titlodtcthe PM. oz8zpptloaa     and %UW4iti8~,tWlhibh building
 and'lo~s8sociatioasorgmiz8d     under th8 lsm of'tbis.Stat8 8nd holdersof
 the 8hm& and Sh     8OOOU4ts  Of 8UOh sS8OOi8tiaM m enfitlad."(&pbs8is
 onrr).

           Aooor&ingly,w8 hold that thm &ok ~raa8fortu 18vi.d by&t.
 7047411,V.A.C.S.,is not rpplica%loto~tho shuwt, 8han looounts~,o&tif-
 i&,.,8 8nd pas %oOe irsu8d% Uy Fe&ral SWiX&S882&b-       ~8OOi~t%OX,'of
 the eh8raot8rd8sori%d in 680. 574.of &tiol8 8814, V.+.C.S.,and our
 OpinionHo. O-4513,ia 80 far a8 it holdr to~tho~oontrary,
                                                        ir:h8r8by
 ovwrulod, Iwsll otbor rosp8at8,however,we ro-sffirmth8 8sid opinion
 BO. o-4515.

 AFTROVED WE181945                           ',
                                              .verytruly yours
 /8/,~~8id co Urnn
 AlTORUST 6ElBIZi$
                 OF l'l$C&              A'J!rpaaslr,~ENXRAL
                                                       OF 'IDAS
 FR:fft.gw
                                         @ /./FWlW, %berts
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