The Laws of Texas, 1934-1935 [Volume 29] Page: 93 of 2,086
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FORTY-THIRD LEGISLATURE-SECOND CALLED SESSION.
stock. If so divided, the Articles of Incorporation must contain
a statement of the number of shares of stock to which
preference is granted and the number of shares of stock to
which no preference is granted and the nature and extent of
"the preferences and privileges granted to each. The Articles
must be subscribed by the incorporators and acknowledged by
one of them before an officer authorized by the law of this
State to take and certify acknowledgments of deeds and conveyances;
and shall be filed in accordance with the provisions
of the general corporation law of this State; and when so filed
the said Articles of Incorporation, or certified copies thereof,
shall be received in all Courts of this State, and other places,
as prima facie evidence of the facts contained therein, and of
the due incorporation of such association. A certified copy of
the Articles of Incorporation shall also be filed with the Commissioner
of Markets and Warehouses; provided, however, no
part of such capital stock shall be required to be subscribed
and/or paid in as a prerequisite to the filing of such Articles
of Incorporation; provided further that such associations may,
from time to time, sell and issue to their members or stockholders,
shares of capital stock in such manner and upon such
terms and conditions as shall be provided in their by-laws; and
provided further, however, that no such shares of capital stock
shall be sold and issued to any one not a member or stockholder
of such association without first complying with the
Blue Sky Laws of Texas."
"Article 5757. Bond. Each and all officers, employees and
agents, handling funds or property of the corporation created
under the provisions of this Act, or any property or funds of
any person placed under the control of or in the possession of
said corporation, shall be required to execute and deliver to the
corporation a bond of indemnity, indemnifying the corporation
and members against any fraudulent, dishonest or unlawful act
on the part of such officers and employees and other acts as
provided in the by-laws of the association. In case the officers
and directors of any corporation authorized to be created under
the provisions of this Act, shall fail to have all officers, employees
and agents handling such funds or property, execute
the bond provided for herein, each and all of said officers and
directors shall be personally liable for all losses occasioned by
such failure, and which might have been recovered on said
SEC. 2. The fact the Cooperative Marketing Act of Texas
as heretofore amended does not clearly and expressly provide
that associations organized thereunder may secure the full
benefit of the "Farm Credit Act of 1933' enacted by the Congress
of the United States and approved June 16, 1933; and the
further fact that many farmers of this State are unable to
secure financial assistance for producing, processing, warehousing
and marketing their crops except through the facilities
and lending agencies provided by said "Farm Credit Act of
1933," create an emergency and an imperative public necessity
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth17292/m1/93/: accessed October 23, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .