The Laws of Texas, 1822-1897 Volume 5 Page: 69
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Laws of the State of Texas.
29
in said capital stock, according to the terms of his subscription
after the organization of said company, the Directors or their duly
authorized agents, may sell at auction after thirty days notice, and
transfer to the purchaser, the shares of the delinquent, and if the
proceeds of the sale shall not be sufficient to pay the amount then
due on said subscription, with interest and charges, said delinquent
subscriber shall be held liable to the company for the deficiency due
on such subscription, and if the proceeds of any such sale should
exceed the amount so due, with interest and charges, said delinquent
shall be entitled to the surplus.
Sec. 6. The immediate government and direction of the affairs
of said Company, shall be vested in a board of not more than eleven
Directors, who shall elect one of their number President of said
Company. No person shall be eligible to the office of Director unless
he be owner of at least ten shares of the stock of said Company.
The Directors shall be elected annually by the stockholders of said
Company; each being entitled to one vote for every share he may
own. The first election to take place within one year of the passage
of this act, at such time and place as the persons named in the first
section of this act, or a majority of them, may determine; provided,
however, it may be within the State of Texas,and provided further,
that at least two-thirds of said Directory shall be citizens of the
State of Texas; and ishould a vacancy occur in said Directors, by
death, resignation or otherwise, the vacancy or vacancies may be
filled by the residue of said Directors for the unexpired term;
and, should the stockholders for any cause, fail to hold an election
at any regular period, those in office shall continue Directors
until a regular election. It shall be the duty of the Directors
to appoint a Secretary and a Treasurer to prescribe the duties, and
require of them bonds for the faithful discharge of the same. They
shall keep or cause to be kept a record of all their proceedings, and
an account of the receipts and expenditures of said Company, and all
such other books necessary and proper to be kept by said Company,
and shall be open at all reasonable hours for the inspection of any
person interested in said Company. A majority of the Board of
Directors shall have authority of a full Board, all the conveyances
and contracts in writing executed by the President and countersigned
by the Directors, shall be valid and binding, if made under
authority of this act. Said Company shall keep their office on the line
of said road, and report annually to the Governor of the State, the(69)
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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/m1/85/: accessed May 4, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .