The Laws of Texas, 1822-1897 Volume 7 Page: 1,400
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700
Laws of the State of Texas.
to the owner or owners of said property for any damage to
said property.
See. 11. That said company shall have the power to borrow
money, and issue its bonds with or without mortgage;
provided, the same be done in conformity to the laws of the
State, this act of incorporation, and the by-laws of the company.
Sec. 12. The annual meeting of the stockholders of this
company shall be held at such time and place as may be
designated in the by-laws, which shall be a day for the transaction
of business by the stockholders, at which time the annual
election for directors shall take place. Should stockholders
owning a majority of the stock fail to meet on that
day for such election, the directors may appoint another day
for that purpose, and an election held on the appointed day
shall be valid. Directors elected under the provisions hereof
shall hold office until the next annual meeting, and until
their successors are chosen and qualified.
Sec. 13. The State of Texas hereby grants to said company
the right of way, to the extent of fifty yards in width,
over all lands in the State belonging to her along the line
over which this road may run for the tracks thereof, and the
use of such amount of said lands as may be absolutely necessary
for sidings, turnouts and depots, station houses and machine
shops, and for the location and maintenance of wells, water
tanks and other necessary buildings incidental to its uses and
purposes in the construction and operation of said railway;
also the right to take from all lands belonging to the State,
within five miles of the located line of said road, such timber,
rock, earth and other materials as may be needed for the construction
and operation of this railroad; and in addition
thereto, this company shall be entitled to receive such donations
of land as are provided for the encouragement of internal
improvements by any general law of this State now
in force, or that may hereafter 'be in force, upon the terms
and conditions in that law prescribed, or that is now or may be
hereafter enacted.
Sec. 14. Subscriptions of shares in the capital stock
of this company may, at the discretion of the directors,
be received on stipulation to be paid in labor or materials
for the construction of said road or the accompanying
telegraph line. They may also be paid for in lands, at(1400 )
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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/m1/1402/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .