The Laws of Texas, 1822-1897 Volume 7 Page: 71
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Laws of the State of Texas.
69
management of its property, the regulation of its affairs, and for
the transfer of its stock.
7. To enter into any obligation or contract essential to the
transaction of its ordinary affairs.
8. To increase or diminish, by a vote of its stockholders, cast
as its by-laws may direct, the number of its directors or trustees, to
he not less than three nor more than thirteen.
Sec. 12. Any corporation may increase its capital stock to any
amount not exceeding double the amount of their authorized capital,
by a vote of the stockholders, in conformity with the by-laws
thereof; and if a majority of the stockholders shall vote for the
increase of stock, the same may be increased by the board of directors,
trustees or other business managers of such corporation;
and upon such increase of stock being made in accordance with
the by-laws, the date and amount of such increase shall be certified
to the Secretary of State by the directors or trustees, and from
the time such certificate is filed the increase of stock shall become
a part of the capital thereof. Such certificate shall be filed and
recorded in the same manner as the charter.
Sec. 13. Corporations shall have power to borrow money on
the credit of the corporation, not exceeding its authorized capital
stock, and may execute bonds or promissory notes therefor, and
may pledge the property and income of the corporation.
Sec. 14. Whenever the full amount of the capital stock of a
corporation having a capital stock shall not have been already subscribed
in good faith, the directors or trustees named in the charter,
or a majority of them, may, within three months after the filing of
the charter, cause books to be opened for receiving subscription to
the capital stock of the corporation, at such time or times, and at
such place or places, as they may determine, after having given at
least thirty days' notice in a newspaper published or generally circulated
in one or more counties where books of subscription are
to be opened, of the time and place of opening books, which books
may be kept open till the whole amount of capital stock is subscribed.
Sec. 15. A majority of the directors or trustees shall constitute
a quorum, and be competent to fill vacancies in the board, and to
transact all business of the corporation. An annual election shall
be held for directors or trustees, at such time and place as the bylaws
of the corporation may require.
Sec. 16. The directors or trustees shall choose one of their number
president, and shall appoint a secretary and treasurer, and such
other officers as they may deem necessary for the corporation.
Sec. 17. The directors or trustees may adopt by-laws for the(71)
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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/m1/73/?rotate=270: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .