The Laws of Texas, 1822-1897 Volume 7 Page: 1,421
This book is part of the collection entitled: Gammel's Laws of Texas and was provided to The Portal to Texas History by the UNT Libraries.
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Laws of the State of Texas.
721
real property, shall be restricted exclusively to and within the
county of Grimes.
Sec. 2. The officers and managers of this association
shall consist of five directors and one treasurer, to be elected
by the shareholders. There shall be one president and one
vice president, to be chosen by the board of directors, and also
one secretary, to be chosen by the directors from the shareholders.
Such officers shall receive such compensation as the
by-laws may provide, and their term of office shall be for
one year, subject to removal in such manner as the by-laws
may prescribe.
Sec. 3. The capital stock shall be twenty-five thousand
dollars, with the power and privilege of increasing the same
to one hundred and fifty thousand dollars.
Sec. 4. The capital stock of twenty-five thousand dollars
shall be divided into twenty-five hundred shares of one hundred
dollars per share, payable in monthly installments of ten
dollars per month.
Sec. 5. Any shareholder who fails, neglects or refuses to
pay, or cause to be paid, his regular monthly installment,
shall forfeit his stock to the association; provided, however,
that by and with the consent of the board of directors, for
some good cause shown, such delinquent may be allowed fifteen
days to redeem stock thus forfeited.
Sec. 6. N'o person shall own more than twenty shares
of stock in this association, and in case any share of stock
shall become forfeited in accordance with the foregoing provision,
the board of director's shall dispose of the same to the
highest bidder in such manner as the by-laws may direct,
provided, that one-half the proceeds shall be returned to the
shareholder whose stock has been forfeited.
Sec. 7. Whenever one hundred shares shall have been
subscribed and three months' installments paid in, this
association shall be deemed organized and competent to
transact business under this charter, and be entitled to all the
grants and privileges hereunder.
Sec. S. Service of any and all legal proceedings in any
suit against this association shall be sufficient if made upon
the president or secretary.
Sec. 9. Books of subscription shall be opened under
the supervision and direction of the corporators herein
named, each share entitling the owner thereof to one vote;
and when the required amount is subscribed and paid in,'( 1421)
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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/m1/1423/?rotate=270: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .