Texas Attorney General Opinion: O-2691 Page: 2 of 2
2 p.View a full description of this text.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
Honorable Lee Brady, page 2 (0-2691)
If the property is being purchased by the bank for the good faith
purpose of a banking house, the law isnot concerned with the character of'the
building, its structural peculiarities, he number of stories, the number of
separate rooms or offices, and the like; these are matters for the sound bus-
iness discretion of the Board of Directors. It would be difficult to find a
building which had not been built to specifications for a bank that would in
all respects be exactly fitted to the demands of a bank purchasing the same.
Indeed, it might be difficult to construct a building to specifications suited
only to the present needs but to the future needs of a bank undertaking to
construct its own banking house. In the present case, surplus rooms, stories,
offices and the like, it appears, may be profitably rented by the bank. We
cannot close our eyes to the fact that in many instances -- perhaps in most
instances -- our better banks occupy their own buildings consisting of several,
sometimes many stories, and much, if not most of the floor space is not actually
used by the bank in oonducting its tanking business but is rented out. There
oanbe no valid objection tothis if the major good faith purpose of the ac-
quisition or construction of the building be to provide a banking house for the
institution
tnder the facts detailed by the bank in its letter which accompan-
ies your request, it is the opinion of this department that the bank does have
the corporate power to purchase the building as it proposes to dowithout vioe
lating in any manner Artiole 612 of our statutes or any other statute or de-
cision regulating such matters.
It would be advisable however for the Banking Cammision to
approve the contract under Article 512 of the Statuteso
Yours very truly
ATTO EY GENERAL OF TEXAS
/s/ Ocie Speer
Assistant
O6;dbsegw
AMPROVED SEP 4, 1940 .APPROVED
/s/ GERALD C. NDC Opinion Committee
ATTORNEY KNEtRa OF TEXAS By aW B
Chairman
Search Inside
This text can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Text.
Texas. Attorney-General's Office. Texas Attorney General Opinion: O-2691, text, August 30, 1940; (https://texashistory.unt.edu/ark:/67531/metapth259909/m1/2/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.