The Laws of Texas, 1822-1897 Volume 7 Page: 1,438
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738
Laws of the State of Texas.
and such as under the by-laws they may be authorized to delegate.
In case of vacancy in the office of director, the survivors
shall act until the next general election, or the surviving
directors may choose from the stockholders other members
to fill such vacancy.
Sec. 8. No person shall be eligible to the office of director
who does not own in his own right at least ten shares of the
capital stock, and who is not a resident of the state.
Sec. 9. It shall be the duty of the persons named in the
first section of this act, at any time within three months after
the passage of the same, and within thirty days after all the
capital stock shall have been subscribed for, to call a meeting
of the stockholders-the said stockholders to have ten days
notice of the time and place of said meeting-for the purpose
of organizing the said corporation, by the election of directors;
and said directors shall, within thirty days after their
election proceed to perfect their organization in accordance
with the provisions of this act; and the said corporation shall
commence business as soon thereafter as the said twenty per
cent. of the whole amount of the capital stock shall have
been paid in.
Sec. 10. The said stockholders may make by-laws for the
government of its officers and employes, and for the conducting
and general management of its business, not inconsistent
with the provisions of this act; and said by-laws shall remain
in force until they shall be altered or amended at a meeting
of the stockholders.
Sec. 11. All obligations of the company shall be signed by
the president or cashier, and by both when the by-laws shall
so require.
Sec. 12. Be it further enacted, That this act of incorporation
shall be and remain in force for the period of fifty years,
and that the same take effect and be in force from and after
its passage.
Approved May 31st, 1873.(1438 )
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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/m1/1440/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .