No. V-0025 (1947).

• Case Date: February 05, 1947
• Court: Texas

Texas Attorney General Opinions 1947. No. V-0025 (1947). 1February 5, 1947Honorable Jesse JamesState TreasurerAustin, TexasOpinion No. V-25Re: Article 696, Revised Civil Statutes, National Savings Investment Co., Sam Houston Underwriters, Inc., Sterling National Co., further procedure and disposition of securities on deposit of above named companies.Dear Sir:You request the opinion of this department in your letters of November 14, 1946, and January 3, 1947, respectively, upon the questions therein presented, which for a statement of facts we quote as follows:

"Our records show that we hold as custodian securities deposited by the above named companies under provisions of Article 696, as listed below:

National Savings Investment Co.

Dallas, Texas

Deposited on April 11, 1930

City of Borger Funding Bonds

Nos. 57/62 @ $1,000.00 each $6,000.00

Sam Houston Underwriters, Inc.

Ranger, Texas

Deposited on August 13, 1931

Sam Houston Life Ins. Co. Stook

Certificate #126 for 400 shs. &

Certificate #149 for 100 shs. at

$10.00 per share 5,000.00

Sterling National Company

Houston, Texas

Deposited on April 3, 1933

Sterling Nat'l Life Ins. Co.

Stock, Certificate #6 for 500

shs. at $10.00 per share 5,000.00

2"To date, no other deposits have been made by said companies as required under Article 696. On September 26, 1946, we wrote the Secretary of State asking if these companies had been issued charters to do business in Texas, and if so, to please furnish us with the correct addresses of each. We received a reply from the Secretary of State October 1, 1946, giving no post office addresses, and quoted in part as follows:

"'We find that NATIONAL SAVINGS INVESTMENT COMPANY, Dallas, Texas has been forfeited July 2, 1932; SAM HOUSTON UNDERWRITERS, Inc., Ranger, Texas was forfeited July 2, 1932 because the Franchise Tax was not paid and was also forfeited April 25, 1933 because of failure to make proof of final payment; STERLING NATIONAL COMPANY, Houston, Texas, was forfeited July 2, 1942.'

"On October 14, 1946, we wrote to each of the companies named herein regarding the requirements of Article 696. Our letters to National Savings Investment Company and Sam Houston Underwriters, Inc., were returned unclaimed, and no answer was received from Sterling National Company. Also no replies were received from the verification letters sent out by the State Auditor's Office in connection with the audit of this department.

"Therefore, in accordance with the provisions of Article 696, we kindly request your written advice regarding further procedure and disposition of securities on deposit." "January 3, 1947 "On November 14, 1946, we requested your written opinion on the further procedure and disposition of securities on deposit with this Department under provisions of Article 696 for National...