The Laws of Texas, 1822-1897 Volume 2 Page: 14
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Laws of the Republic of Texas.
and managed by not less than three Directors, who shall be chosen
annually by the Stockholders, at such times and place as shall be
provided by the by-laws of said Company, and who shall be Stockholders,
and shall hold their offices for one year, and until others
shall be chosen in their stead.
Sec. G. Be it further enacted, That the Directors of the Company
shall choose one of their number to be President; they shall
also choose a Secretary and Treasurer of said Company, and such
other officers as the by-laws of said Company shall prescribe. They
may call in future subscriptions to the capital stock of said Company
by instalments, in such proportions and at such times and
places as they shall think proper, by giving such notice thereof as
the by-laws of said Company shall prescribe; and in case any Stockholder
shall neglect or refuse payment of any such instalments,
for the space of sixty days after the same shall become due and payable,
and after he, she or they shall have been notified thereof, the
stock of such negligent Stockholder, shall, by the Directors, be sold
at public auction, giving at least thirty days notice thereof in some
newspaper; and the proceeds of such sale shall be first applied in
payment of the instalment called for, and the expenses attending
itj,nd the balance shall be refunded to the owner thereof; and such
sale shall in all respects entitle the purchaser to all the rights of a
Stockholder, to the extent of the shares so bought.
Sec. 7. Be it further enacted, That a majority of the Directors
of this Company, convened according to their by-laws, shall constitute
a quorum for the transaction of business, and a majority of
the Stockholders present at any legal meeting, and at all meetings
of such Stockholders, each share shall entitle the holder thereof
to one vote.
Sec. 8. Be it further enacted, That the Directors of said Company
shall have power to fill any vacancy which may happen in
their Board by death, resignation or otherwise, for the then current
Sec. 9. Be it further enacted, That the books containing the accounts
of said Company shall at all reasonable times be opened for
the inspection of any of the Stockholders, and as often as once in
each year, a statement of the accounts of said Company, shall be
made by order of the Directors.
Sec. 10. Be it further enacted, That the stock of this Company
shall be deemed and considered personal property, and
be transferred only on the books of said Company in such
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 2, book, 1898; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth6726/m1/18/: accessed January 23, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .