The Laws of Texas, 1822-1897 Volume 1 Page: 406
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Laws and Decrees of Coahuila and Texas.
Executive Department of the State of
Coahuila aind Texas.
The Governor of the State of Coahuila and Texas, to all the inhabitants
thereof: Be it known, that the congress of said state has decreed
DECREE No. 308.
The Congress of the State of Coahuila and Texas has thought proper
ART. 1. It is hereby granted that a bank be established in the department
of Brazos, to be called "Con?mlmercial and Agricultural Bank."
Samuel MI. Williams, as empresario, shall take the proper measures for
the establishment thereof.
ART. 2. The capital of said bank shall not exceed the sum of one million
of dollars, to be divided into ten thousand shares, of one hundred
AnT. 3. Subscribers having joined for three thousand shares at least,
the empresario shall call a meeting of the same, and proceed to elect eight
directors, who shall choose a president among themselves, and they shall
perform the duties of their office one year.
ART. -. To obtain the office of director, it shall be required to be a
citizen of the state, and an owner of five shares at least.
ART. 5. The votes shall be given at the rate of one for each share;
but no subscriber shall have more than fifty votes, whatever be the number
of shares he may own. Absent persons may vote by proxy.
APT. 6. The board of directors shall be annually renewed, and the letter
of convocation shall be issued bA said board forty-five days before the
expiration of their term, and the election shall be holden eight days
before the close of the corresponding year.
AET. T. The board of directors shall form internal regulations for the
financial management of all the business of the association.
ART. 8. The notes that are issued shall be signed by the president and
cashier in the name of the association, and the bank capital shall be responsible
for the payment of the value thereof. Said bank may sue and
AT'. 9. To give activity to commerce. arts and industry. the bank
may inake loans, receiving as high as at the rate of eight per cent. per
annum for a period not exceeding six months, and ten per cent. when it
exceeds that term, exacting the necessary security of the persons interested.
AET. 10. The subscribers shall adequately secure the value of their
shares with real estate in the republic, and as soon as one hundred
thousand dollars at least have entered the vault of the bank, it may commence
operations; a commissioner, to be appointed by the executive previously
intervening, who shall furthermore examine every year the state
of the concerns of the association.
ART. 1.. The bank shall continue for the term of twenty years, and
mav establish branches thereof, at any place in the state.
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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/m1/414/: accessed May 26, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .