Beacons of Light: The Education of the Afro-Texan
CHAPTER LXI.
AN ACT TO INCORPORATE A BANK OF DISCOUNT AND DEPOSIT AT
NAVASOTA, TEXAS.
SECTION 1. Be if enacted by the Legislature of the State of Texas, That B. A.
Strange, H. H. Niles, W. C. Greer, W. S. Thomas, A. D. Harn, J. M. Gibbs and J.
J. Reinhardt shall open books for the subscription of stock at Navasota, and
such other places as they may deem proper ; and they and their associates and
successors and assigns shall be and they are hereby declared to be a body
politic and corporate, by the name and style of the Citizens' Bank of Navasota,
and shall have succession and a common or corporate seal, for the space of
twenty-five years from the passage of this act ; and as such may sue and be
sued, plead and be im pleaded in all the courts of this State, and have and
possess all the powers that are incident to a corporation, and necessary to
carry on the business and effect the objects contemplated by this act.
SEC. 2. Be it further enacted, That the capital stock shall not be less than two hundred thousand dollars, with the privilege of increasing said stock to four hundred thousand dollars: and as soon as twelve and one-half per cent, of the original stock is paid in, the stockholders shall hold a meeting and elect a president and cashier, and such trustees or directors as they may think necessary to manage the affairs of the company. The capital stock of said company shall consist of shares of one hundred dollars each, and shall tie transferable on the books of the company in such manner as the bylaws of said company may prescribe.
SEC. 3. Be it further enacted, That said corporation may deal in gold and silver coin and bullion, public and private securities, buy and sell exchange, current and uncurrent bank bills, borrow and loan money, discount notes, and other evidences of debt, receive and keep deposits, on such terms as may be agreed upon by the parties, and generally to do any act usual and customary in banking institutions.
SEC. 4. Be it further enacted, That said corporation may transact its business through such officers, agents and agencies as it may choose, at the city of Navasota, Texas, and may prescribe such by-laws for its government as the stockholders may deem necessary for that purpose.
SEC, 5. Be it further enacted, That in the event of the insolvency of said corporation, each individual stockholder shall be personally liable for the amount of stock subscribed and owned by him, and for no more.
SEC. 6. Be it further enacted, That nothing in thia act shall be so construed
as to permit said bank to pay out as loans any funds except the National
currency, or gold and silver coin, or such other bank bills or currency as may
be permitted by law to circulate as money in this State.
Passed August 8, 1870.
Laws Passed by the ... Legislature of the State of Texas
by Texas - Session laws - 1870