The Laws of Texas, 1822-1897 Volume 1 Page: 1,508
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Laws of the Republic of Texas.
signment, and shall be persons in law capable of suing and being
sued, pleading and being impleaded, answering and being answered
unto, defending and being defended, in all courts and
places whatsoever; and that they and their successors may have
a common seal, and may change and alter the same at pleasure;
and also, that they and their successors by the same name and
style, shall be, in law, capable of holding, purchasing, and conveying
any estate, real, personal, or mixed, for the use of'said
corporation, and doing and performing all things which are
necessary and common for companies of a similar nature to do,
not contrary to the provisions of this charter, as hereinafter enacted,
or to the Constitution of this Republic.
SEC. 2. Be it further enacted, That the said company shall
have the right to make turnpikes and rail-roads, from the main
channel of Galveston Bay to the Brazos river.
SEC. 3. Be it further enacted, That the capital stock of said
company shall be five hundred thousand dollars.and be divided
into five thousand shares of one hundred dollars each.
SEC. 4. Be it further enacted, That the management of the
affairs of said company, shall be conducted by a board of five
directors, each of whom shall own at least fifty. shares of the
capital stock of the said company, and three of said directors
shall form a quorum to do and perform all the business necessary
to the successful operation of said improvements; that a majority
of said directors shall appoint a President from one of
their number, and fill such vacancies as may from time to time
take place, from death, resignation, or otherwise; that after the
election mentioned in section eighth in this act, all ensuing
elections for directors shall be held annually at the village of
Austinia, on the first Mlonday of June of each year, and in case
of failure to elect, on the day fixed by this act, the corporation
shall not be dissolved for that cause, but the President and Directors
for the time being, shall continue in office until there
shall be an election, and that the stockholders shall have one
vote for each share that they own, and may vote by attorney.
SEC. 5. Be it further enacted, That on application for
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 1, book, 1898; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth5872/m1/1516/: accessed November 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .