The Laws of Texas, 1822-1897 Volume 7 Page: 1,397
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Laws of the Staie of Texas.
697
fifty dollars each, each share to entitle the owner thereof
to one vote in all elections and meetings, when stockholders
are called upon to vote, and a majority of the votes shall
govern in all cases not otherwise provided by law; the said
shares of stock shall be deemed personal estate, transferable
only on the books of the company.
Sec. 4. The direction and control of the affairs of said
corporation shall be vested in a board of not less than five
nor more than nine directors, as the by-laws may provide;
they shall be chosen by the stockholders at their annual
meetings, the first of which shall be holden at such time and
place as the corporators herein named shall designate; said
directors shall select one of their own body to be president of
said company; shall fill vacancies in their board, appoint
a secretary, treasurer, and such other officers and agents as
they may deem proper, and require bond for the prompt and
honest discharge of their duties, and make all proper rules
for the holding of their meetings, and all other rules, not inconsistent
with the general laws, which they may deem necessary
to protect the interest of the company; they shall cause
to be kept accurate books of accounts, exhibiting the receipts
and expenditures of the company. A majority of the
directors shall constitute a quorum to do business, and shall
have the power of a full board; and all conveyances and contracts
signed in writing by the president and countersigned
by the secretary, or any other officer duly authorized by the
board of directors, under the seal of the company, when the
same is in execution of an order of the board, shall be binding
and valid.
Sec. 5. That so soon as twenty thousand dollars of the
capital stock of said company is subscribed, and five per cent.
thereof paid to the commissioners, they shall cause the first
election to be held for directors, first giving notice for thirty
days of the time and place of said election, by publishing
the same in the Herald and Planter,. a newspaper published
in the town of Hallettsville: and when said directors so
elected shall have organized, the said commissioners shall pay
over to the treasurer of the company all the moneys they may
have received upon subscription to the stock of the company,
and deliver to the said directors all the books and papers belonging
to the company.
Sec. 6. That said company, when it -shall be organ(1397
)
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 7, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth6732/m1/1399/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .