The Laws of Texas, 1822-1897 Volume 2 Page: 339
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Laws of the Republic of Texas.
165
and authorised to receive subscriptions to the said capital stock
on such days and at such places, after the passage of this act, as
they may appoint: twenty per cent of the amount of stock subscribed
for, shall be paid in at such times and in such instalments
as may be determined upon hereafter by the board of directors;
all of which payments and instalments shall be paid in as directed
by said board, under the pain of the forfeiture of the shares upon
which such payments are required, and the full amount of money
paid in at the option of the directors, and every person who shall
so subscribe for or become the owner of one or more shares of said
stock, shall, in virtue of such ownership, be a member of said corporation,
and shall be entitled, at all meetings of the stockholders,
to one vote, by person or proxy, for each share of the capital stock
which shall be held by such person, and the shares of said capital
stock shall be assignable or transferable, and shall be considered
as personal property; Provided, that no transfer of
stock shall be valid or effectual, until registered in a book to be
kept for the purpose by the treasurer, which book, at all reasonable
hours, shall be opened to the examination of the stockholders, or
persons having demands against the corporation or any member of
it, and provided, that in no case shall a fractional part of a share or
shares be assignable or transferable, and that whenever any stockholder
shall transfer in manner aforesaid, all his stock or shares in
said company; he shall cease to be a member of said corporation.
Sec. 4. Be it further enacted, That the affairs of said company
shall be managed by a President and six directors, who shall be
chosen annually by the stockholders, and shall serve one year, and
until others shall be elected, as shall be provided by the stock-holders,
in the by-laws of said corporation, and until the first election
shall be held in pursuance of said by-laws, Frederick B. Page, Elisha
A. Rhodes and R. D. Johnson, or a majority of them shall have
full power to appoint, employ and compensate, and at their pleasure
to remove such officers, agents or servants, as they may deem necessary
in the business of the company, to purchase and hold such real
or personal property, materials, vessels, carriages, machinery, implements,
privileges, easements and franchises, and to cause all such
machinery, buildings and other improvements to be made, as they
shall deem necessary, to carry.into effect the objects of said coempany,
and the same, or any part thereof, to sell, lease,
or otherwise dispose of, at their discretion, and also prescribe
the mode of issuing or transferring stock in said
company, and the evidence thereof, and generally to do, whatever
they may deem expedient and necessary, for the interest of said(339)
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 2, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth6726/m1/343/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .