The Laws of Texas, 1822-1897 Volume 1 Page: 278
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Law.,s and Decrees of CoahuiZa and Texas.
ART. 7. At all the elections or meetings of the shareholders each
shall be entitled to one vote; provided, that no individual shall have
more than fifty votes, whatever be the number of his shares.
ART. S. The president and directors shall form a set of internal rules
for the better regulation of the companies' affairs, and the despatch of
ART. 9. After the company is established no member of the same
shall acquire by purchase more than one share in addition to that which
he holds as a partner, nor shall a shareholder sell except to a person
having one share only or to one who previously had none. The purchaser
shall be a MIexican by birth, and fromn the the time of purchase
shall acquire all the rights of the possessor, who made him the sale.
ART. 10. In the internal regulations mentioned in article 8 the president
and directors shall establish the manner of effecting the sale of
shares among individuals, and shall prescribe the forms to be observed
on stipulating the transfer of shares.
ART. 11. The president and each director shall own at least one share
each, and shall furthermore be citizens of the state of Coahuila and
ART. 12. The president and directors shall appoint a cashier and the
agents required to transact the business of the company, to whom a
suitable salary shall be assigned as officers of the same. The president
and directors shall require of the cashier and agents the necessary bonds
for the faithful discharge of their duties: and those of the former who
voted for the persons appointed to the aforementioned stations shall be
responsible, should the concerns of the company suffer in consequence
of failing to require adequate bonds and security.
ART. 13. All the purchases, business, and affairs of the company shall
be executed by the president, the directors previously resolving thereon.
ART. 14. Notes or obligations given in the name of the company, and
signed by the president and cashier, shall be binding against the capital
stock and property of the company.
ART. 15. The company may sue and be sued, it being understood in
such cases by attorney, whom the president and directors shall indispensably
ART. 16. Three sitios of vacant land in the department of Monclova
shall be granted to the company, where the president and directors shall
select, for the establishment and use of said company.
ART. 17. The title to three sitios shall be drawn and stipulated in
due form by the commissioner, whom the governor of the state shall appoint
for thlat purpose.
ART. 18. The company mav acquire of private individuals by purchase
the country property, real estate or other property, required for
the establishment; and such as by law should manifestly belong to native
and not to alien shareholders shall be subject to distribution among
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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/m1/286/: accessed April 27, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .