The Laws of Texas, 1822-1897 Volume 5 Page: 76
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36
Laws of the State of Texas.
Company affixed, and the order or resolution of the Board of Directors,
authorizing the instrument or contract in writing, shall be
inserted in said instrument or contract. Such instruments or contracts
shall not be inconsistent with the general Railroad Law now
existing or that may hereafter exist. The said Company shall be
bound by the.parol contracts made by their authorized agents, acting
within the scope of the authority conferred by resolution of
the stockholders or Directors.
Sec. 7. That prior to the time specified for the organization of
said Company, John Stamps, Charles H. Alexander and Samuel H.
Witmer, may appoint one arbitrator, and a majority of the other
Commissioners shall appoint another. The said arbitrators shall
be experienced engineers, and shall in case of their disagreement,
together select another experienced engineer as an umpire, and
shall proceed to examine the grading and other work done on said
road, by said John Stamps, Charles H. Alexander and Samuel H.
Witmer, and such property and materials as they have employed,
and for the use of and construction of said road; and shall estimate
as nearly as they can, ascertain the then present real value of the
same, for the uses of the Company hereby incorporated, and shall
thereupon report their estimate of the value thereof to the Commissioners
in writing, who shall exhibit the same to the subscribers
when they meet to organize said Company, that before the election
of Directors, any subscriber who may be dissatisfied with the allowance,
shall be at liberty to withdraw his subscription, and the
amounts paid by him to the Commissioners, shall be by them refunded
to such dissenting subscriber; and the remaining subscribers,
provided they represent three hundred thousand dollars of the
capital stock of said Company, shall proceed to the election of not
less than five and not more than nine directors. The directors
shall elect their President and the board shall appoint all necessary
officers; and the Board when so organized shall enter on the
books of the Company, a credit in favor of the said John
Stamps, of one-fourth, and to said Charles H. Alexander and
Samuel H. Witmer, equally the remaining three-fourths of the
sum awarded to them as aforesaid, less five per cent. on the
amount of stock subscribed for by the them severally. That
no one shall be elected director who is not the owner of ten
shares of the capital stock of said Company.' That the meeting
to organize said Company shall be held in the town of Woodville
in Tyler county; thirty days notice of the time of meeting
for the organization shall be published in some newspaper published
in one of the counties through which the road is designed(76)
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 5, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth6727/m1/92/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .