The Laws of Texas, 1822-1897 Volume 5 Page: 63
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Laws of the State of Texas.
23
imposed upon the county courts when acting as Road Commissioners.
Sec. 3. This act shall take effect and be in force from and after
its passage.
Approved Jan. 7, 1860.
CHAPTER 30.
An Act to incorporate the Jefferson Insurance Company.
Section 1. Be it enacted by the Legislature of the State of
Texas, That there may be, and is, hereby established, in the town of
Jefferson, in the county of Cass in this State, a company for the
purpose of transacting a general insurance business, which company
shall be called and known by the name of "the Jefferson Insurance
Company;" and the stockholders and their successors shall
have continuous succession, and by that name shall be capable of
suing and being sued in all the courts of this State; of purchasing,
holding and conveying property of all descriptions, not to exceed
in value twenty-five thousand dollars at any one time; to make,
have and ulse a common seal, and the same to alter and renew at
pleasure, and generally to do any act necessary to carry into effect
the objects of the corporation, not inconsistent with the laws and
the constitution of this State or of the United States.
Sec. 2. That the capital stock of this company shall be one hundred
thousand dollars, to be divided into one thousand shares of
one hundred dollars each, and the samae to be paid in the following
manner:
, Ten dollars on each share at the time of subscription, the residue
at such time as the President and Directors may direct; which said
capital stock may hereafter be increased to three hundred thousand
dollars by the President and Directors of the Corporation, whenever
a majority of the stockholders shall, by vote, so direct. The
said stock shall be deemed and held as personal property, and if any
stockholder shall neglect and refuse to make the payments as required,
his stock may be sold by order of the President
and Directors, in such manner as they may think fit to
direct; and such stockholder shall be liable' for the balance
due by him as stockholder, to the corporation, as it(63)
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 5, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth6727/m1/79/: accessed May 4, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .