The Laws of Texas, 1822-1897 Volume 1 Page: 1,373
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Laws of the Republic of Texas.
31
(1373 )
created a corporation under the name and style of “The Colorado
Navigation Company,” and under that name shall be capable to
contract, to buy, and receive all kinds of property, moveable and
immoveable that may be necessary for said corporation, and to
negotiate, grant, sell and dispose of the same, to borrow money on
the faith of this charter, and also to pledge such property real and
personal for the payment of the same, as in their opinion may best
conduce to the interest of said company. To sue and be sued, to
have a common seal and to establish such ordinances, rules and
regulations as they may think necessary and practicable for the use
and protection of the same, not contrary to the constitution
and laws of the republic of Texas; provided, however, that this
section shall not be so construed as to enable the company to hold
more land than may be necessary to carry into effect the objects of
this act; and provided further, that none of the funds of said cor-
poration shall be used in purchasing lands, and all lands owned
by the corporation shall be sold within five years from and after
the passage of this act.
Sec. 5. Be it further enacted, That for the management of said
company there shall be five directors annually elected, at the office
of said company at the town of Matagorda, by the qualified stock-
holders of the capital stock of said company, by a plurality of
votes then and there given: each share shall be entitled to one vote,
and votes allowed by proxy.
Sec. 6. Be it further enacted, That it shall be the duty of the
commissioners at the town of Matagorda, after one hundred and
twenty-five thousand dollars of stock shall have been subscribed
for, to advertise in some newspaper, that an election will take place
at the office of said company at the town of Matagorda for the
aforesaid directors, appointing the day for said election, which shall
not take place at a shorter period than thirty days from the date
of said advertisement.
Sec. 7. Be it further enacted, That the directors so elected shall
elect a president from their own body, and said president and direc-
tors shall serve as such until their successors shall be duly elected
and qualified.
Sec. 8. Be it further enacted, That the annual election for
directors after the first election, shall be held on the first
Monday in January in each year, and at their first meeting after
their election, they shall proceed to elect from their own body a
president, to hold his office for the same period as which the
directors were elected; provided, always that in case at any
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 1, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth5872/m1/1381/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .