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2735
Honorable William M. King, Page 3, (wW-564)
gas or mining lease, fee or title as a result of the sale is immaterial
as far as such exemption is concerned.
The purchaser of an interest in or under an oil, gas or mining
lease, fee or title from a corporation does not thereby become a stock-
holder in the seller corporation. The mere purchase of an interest in or
under an oil, gas or mining lease, fee or title from an unincorporated
association or partnership does not thereby make the purchaser a member
of the unincorporated association or partnership which sold the security
and the purchaser does not acquire an "interest" therein. Of course,
by subsequent contract, either express or implied, or by subsequent
acts or conduct amounting to an estoppel such purchaser could become a
member thereof or acquire an interest therein, but the mere purchase of an
interest in or under an oil, gas or mining lease, fee or title would not
make the purchaser a member of the unincorporated association or partner-
ship, or amount to the acquisition of an interest therein, or make him
a stockholder in a seller corporation.
Your first question is therefore answered in the negative. We
are not passing on your second question, in that it was predicated on
an affirmative answer to your first question.
SUMMAR Y
The seller of any interest in or
under an oil, gas or mining
lease, fee or title may not claim
the exemption contained in
Section I. of Article 581-5 V.C.S.
Yours very truly,
WILL WILSON
Attorney General of Texas
WVG/fb
APPROVED: W. V. Geppert
OPINION COMMITTEE:
Geo. P. Blackburn, Chairman
J. C. Davis, Jr.
Wallace P. Finfrock
REVIEWED FOR THE ATTORNEY GENERAL
Morgan Nesbitt