Message of Governor T.M. Campbell to the thirtieth legislature of Texas, to which is appended the State Democratic Platform adopted at Dallas, Texas, August 13, 1906. Page: 9 of 27
The following text was automatically extracted from the image on this page using optical character recognition software:
be, or are, recorded in this State, or that has issued or has outstanding
any stock or bonds except for money paid to, work done for, or property
actually received by the corporation, which said bonds and stock shall
amount to 75 per cent more than the valuation of the property belonging
to said corporation within this State which has been fixed thereto
by the Railroad Commission, or any authority designated by law, or to
double the valuation at which said property has been last rendered for
taxation in this State by the corporation, or its agents or representatives,
is insolvent and shall forfeit its corporate rights, charter and franchises.
"Sec. 5. That every corporation which holds a charter or permit or
exercises corporate franchises or rights, from or under the laws of or by
the consent of this State, has at all times been, is yet, and shall continue
to be prohibited from using all, or any part, of its money, assets or
funds, except for corporate purposes, and any other use or diversion
thereof forfeits in this State its rights as a corporation. If any such
corporation has, out of its assets, property or funds, directly or indirectly,
contributed or paid, or shall ever, directly or indirectly, pay or contribute
any part thereof to any political party or to any person for, or
for the use of, or on account of such party, or shall, directly or indirectly,
out of such funds, property or assets, pay or contribute to any
candidate for office, or aid in defraying his expenses, as a candidate for
office, or has, directly or indirectly, paid or aided in paying or shall ever,
directly or indirectly, pay or contribute in paying out of such assets,
funds or property, the salary or salaries or expenses of any lobby or
lobbyists, or person or persons, to influence the adoption or defeat of
any legislation in this State, shall, on proof thereof in any court of
competent jurisdiction, forfeit its permit, license or charter and all
rights and franchises which it holds under, from, or by virtue of the
laws of this State.
"Every check, order, draft, or other instrument drawn on, and every
account, voucher, demand or claim paid by such corporation shall truthfully
and specifically express the purpose for which it is given, drawn
"Money contributed or paid out, or property delivered on the order
or approval, or at the instance of any agent, attorney, officer or director
of the corporation from the corporate funds or assets, for the purposes
prohibited herein or in violation of the directions hereof, shall be deemed
and held to be the act of the corporation, unless within one year from
the date of the payment, delivery or contribution, so made in violation
of this section, it has been entered or shall, through its board of directors,
enter an order in its record in this State, repudiating the wrong and
permanently dismissing all persons who had any connection with it from
the service of the corporation.
"Sec. 6. That if any railway or other chartered transportation company,
or the receiver thereof, in this State, shall haul or carry any
person free of charge or grant or give to any person, firm or corporation,
or association of persons, a free pass, or any authority or permit whatsoever
to travel or pass free over any railway or other transportation line
or part of line for any distance, under its control or operated by it, or
under its authority, or shall, directly or indirectly, grant, give or concede
to any such person, firm, corporation or assodiation of persons, any
Here’s what’s next.
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Campbell, Thomas Mitchell. Message of Governor T.M. Campbell to the thirtieth legislature of Texas, to which is appended the State Democratic Platform adopted at Dallas, Texas, August 13, 1906., book, January 16, 1907; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth5859/m1/9/: accessed June 26, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .