The Laws of Texas, 1822-1897 Volume 2 Page: 27
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Laws of th7e Republic of Texas.
who shall be stockholders, and shall hold their offices for one year,
and until others shall be chosen in their stead.
Sec. 6. Be it further enacted, That the directors of this company
shall choose one of their number to be President, and shall
also choose a Secretary and Treasurer of said company, and such
other officers as the by-laws of the company shall prescribe; they
may call in future and present subscriptions to the capital stock of
said companay 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
instalment, for the space of twenty days after the same shall become
due and payable, and after he, she, or they shall be notified
thereof by public advertisement, in the town of Bastrop, the stock
of such defaulting stockholder shall, by the directors, be sold at
public auction, giving at least thirty days notice thereof; and the
proceeds of such sale shall be first applied in payment of the instalment
called for, and all other dues to the company and the expenses
attending such sale, and 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 stockholder
to one vote, as far as ten shares, and no more.
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 current year.
Sec. 9. Be it further enacted, That the books containing the
accounts of said company shall at all reasonable times be open 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 tht stock of said company
shall be deemed and considered personal property,
and be transferable only on the books of said colnrany, in such
form as the directors of said company shall prescribe, and
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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/m1/31/: accessed January 16, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .