Texas Attorney General Opinion: M-897 Page: 2 of 11
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Honorable J. Albert Dickie, page 2
purpose and like exempt status.
With regard to the operation of Copperas, you have given us
the following information in a letter pertaining to your opinion
request.
". . The initial assets of the corporation was obtained
through the purchase of memberships, a list of which and
the amounts donated is also enclosed. For each $100.00
membership entitles a member to vote. Contributions of
less than $100.00 entitles the person contributing to a
non-voting membership. Any single member is limited to
the number of votes that he or it can cast, which is 5%
of the total number of votes. This is a protection
against large contributors, such as the Cove Bank, being
able to control the organization.2
There is a continuation of the solicitation of members.
The membership is non-redeemable and cannot be resold to
the corporation.
The assets of the corporation consist approximately of
$600.00 cash and a 51-acre tract of land, 3 or 4 acres
of which lie within the city limits of Copperas Cove and
the balance lying outside the city limits. The acreage
within the city limits had previously been subdivided
for residential purposes before it was purchased. It is
not the intention of the corporation to subdivide for
residential purposes, however, due to financial problems,
the corporation is attempting to sell the city limit
acreage. The property was purchased on the 24th day of
November 1969 from the Erby Wolfe Estate for $25,000.00,
payable $5,000.00 down and $5,000.00 per year. Because
of the lack of funds to pay the next payment of $5,000.00
2 The membership list, as furnished us, shows that there are a
total of 72 contributing members. 51 members are voting members.
Of these 51, only five contributors have as many as five votes,
the two largest of these contributors being the Cove State Bank
which contributed $2,000.00, and an individual who made a contri-
bution in the amount of $1,650.00.-4369-
(M- 897)
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Texas. Attorney-General's Office. Texas Attorney General Opinion: M-897, text, June 30, 1971; (https://texashistory.unt.edu/ark:/67531/metapth270125/m1/2/?rotate=270: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.