The Laws of Texas, 1822-1897 Volume 7 Page: 1,496
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796
Laws of the State of Texas.
Johnson, D. S. Smith, Thomas Waters, E. Hall, C. C. Wiggin,
W. H. Peregoy, Thomas Martin, and their present and their
future associates, successors and assigns, be and are hereby
incorporated and created a body politic and corporate, by the
name and style of the "Mechanics' Real Estate and Building
Association, of Harris County," and by said corporate name
shall have full power and capacity to sue and be sued, and
maintain any action to final judgment and execution, in any
of the courts of this State; and shall be capable of purchasing,
taking by grant, gift or donation, and of holding, improving
and conveying any estate or property, real, personal or mixed,
for the use of said corporation; and shall have power to make
contracts, execute promissory notes, draw bills of exchange,
execute deeds of trust and mortgage; make dividends and
divisions of property, issue bonds, have a common seal with
such device as they may adopt, establish such by-laws as shall
be necessary for the government of said company, and do
and perform all other acts incident and appertaining to the
powers granted by this act; provided, that the operations of
said association as to the purchase and holding of real property
shall be restricted exclusively to and within the county
of Harris.
Sec. 2. That for the well ordering of the affairs of this
association, there shall be seven directors, who shall be chosen
by the shareholders from among themselves, at such time
and in such manner as the by-laws may direct, and shall
hold their places for one year from the date of their election,
or until their successors shall be chosen and qualified.
Sec. 3. The officers of this company shall be a president,
vice president, treasurer and secretary, all of whom shall be
chosen by the directors; and the positions of secretary and
treasurer may both be filled by the same person, or by two
persons, at the option of the directors; such officers shall hold
their offices for one year from the date of their election, or
until their successors are chosen and qualified; provided,
however, that the said directors and officers may be removed
before the expiration of their term of office, in such manner
and for such causes as the by-laws may determine; and such
by-laws may define the rights and duties of said directors and
officers, and may provide for the compensation of any of them,
and may require bonds from any of them.(1496)
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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/m1/1498/?rotate=90: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .