CHAPTER XX.
AN ACT TO INCORPORATE THE CITIZENS' SAVINGS BANK OF JEFFERSON.
SECTION 1.  

Be it enacted by the Legislature of the State of Texas. That P. T. Norwood, James W. Russell, V. H. Claiborne, F. A. Schluter, W. C. Towers, John C. Kelster, B. D. Foscue, A. A. Terhune, W. H. Nichols, L. H. Norwood, R. E. Rowell, John V. Ford, and their associates and successors, and all such persons as shall become stockholders in the corporation hereby created, shall be a body politic and corporate, by the name and style of the " Citizens' Savings Bank of Jefferson," and shall have succession, a common seal, with power to plead and be impleaded, to sue and be sued, to appoint all necessary assistants, and may Have, enjoy and exercise all the powers necessary to carry out and execute all the purposes and intents of a savings bank fund trust corporation. 

SEC. 2. The general business and object of this corporation shall be to receive on deposit or in trust such sum or sums of money as may, from time to time, be offered therefor by tradesmen, merchants, clerks, laborers, servants and others, to be repaid to such depositors when demanded, at such times, with such interest and under such regulations as the board of directors may from time to time prescribe, which regulations shall be posted up in some conspicuous  place in the room where the business of said corporation shall be transacted. 

SEC. 3. The business of the corporation shall be managed by twelve directors, and the persons named in section one shall be the first directors thereof, and shall so continue for one year from the date of the organization of the company ; and any vacancy which may occur from resignation or other cause may be filled by a majority of directors remaining. 

SEC. 4. The capital stock of said corporation shall be fifty thousand dollars. divided into shares of one hundred dollars each, payable in such installments as the directors may from time to time elect, under such penalties as they may in their discretion adopt ; and the directors arc hereby appointed and authorized to superintend the subscriptions to the capital stock of the corporation ; and it will be competent for said directors to commence the business of the corporation when the full amount of stock shall have been subscribed and (at least ten. per cent, of it) paid into the treasury. 

SEC. 5. This corporation may loan money according to the constitution and laws of the State, or may discount in accordance with hank usages, taking such security therefor, either real or personal, as the directors may deem sufficient. Said corporation shall hare power to .borrow money, buy and sell exchange, bullion, bank notes, Government stocks and other securities ; but nothing in this act contained shall confer on said corporation the privilege of issuing notes similar to bank notes for the purpose of a circulating medium. unless the same be done in conformity with the laws of the United States in such case made and provided.

SEC 6. It shall be lawful for this corporation to purchase and hold such real estate as may be convenient and necessary for the transaction of its business, and to take and hold any real estate in trust, or otherwise, as security for or in payment of any debt or debts due, or to become due, to the said corporation, to purchase real estate at ;my sale ma^e by virtue of any loan, debt or mortgage made to or held by said corporation, and to receive and take, in whole or in part, satisfaction of any such loan or debt any real estate, and to hold and convey the same. 

SEC. 7. The stockholders of this corporation shall meet at such time, not exceeding one year from the date of organization, as the directors may fix upon, and annually thereafter, and elect bf ballot, from their own number, twelve (12) directors, to serve for the term of one year, or until their successors are chosen. Each stockholder shall be entitled to one vote for every share of stock standing in his or her name on the books of the corporation, and they may vote in person or by proxy ; the name of the stockholder so voting shall be endorsed on the ballot, and a plurality of rotes shall elect. The directors shall elect annually, from their number, a president and vice president. The cashier may be selected from the stockholders by the directors. The directors shall make and execute such bylaws as may be necessary and convenient for the proper prosecution of the business of the corporation, not inconsistent with this act or with the laws of this State, or of the United States. 

SEC. 8. At any time after the full payment of the original stock of fifty thousand dollars, as hereinbefore provided the directors may increase the capital stock of said corporation to any amount not. exceeding five hundred thousand dollars, in shares of one hundred dollars each, and said increased stock shall be subject to all the liabilities, immunities and privileges of the original stock ; stockholders shall have the option of subscribing to such additional stock, pro rata, within such time as the directors may limit. 

SEC. 9. When any deposit is made to said corporation by a minor, or by a female, being or thereafter becoming a married woman, the said corporation may pay such depositors any sums of money due to them, which they themselves have deposited ; and their receipt or acquaintance shall be a legal discharge to said corporation therefor. 

SEC. 10. The stock of this corporation shall be deemed personal property, transferable only on the books of the company ; and no transfer shall be valid while the stockholder is indebted to the company.

SEC. 11. This corporation shall exist for the terra of fifty years next succeeding the first day of May, A. D. 1871. This act shall be void unless said company shall organize and proceed to business within three years after the passage hereof. The said company shall be subject to the provisions of any general law hereafter passed on the subject of banking, trust or deposit companies.

SEC. 12. This act shall be deemed a public act, of which all courts and magistrates shall officially take notice, and shall take effect on and after its passage.

Approved March 21, 1871.