Caddo Lake

CHAPTER LXI.

AS ACT TO AMEND AN ACT ENTITLED " AN ACT TO INCORPORATE THE CADDO LAKE MANUFACTURING COMPANY," APPROVED 1ST NOVEMBER, 1866.

Section 1. Be it enacted by the Legislature of the State of Texas, That the first section of the above entitled act-be amended so as to read as follows: That Sam F. Moseley, C. D. Morris, Don Campbell, M. J. Hall, M. D. K. Taylor, W. T. Scott, J. K. P. Record, W. H. Parsons, Wm. H. Johnson, and such other persons as they may associate with them, are hereby created a body corporate and politic, under the corporate name of the " Texas Manufacturing Company," and in this name they may sue and be sued, make and enter into contracts, have a corporate seal, make by-laws, rules and regulations in this name and under the corporate seal. create an agent or agents, of the company with the power to act for the company in accordance with the by-laws and rules. Said company may receive subscriptions of stock, or donations in land or money, may issue their bonds a^ hereinafter provided, shall have perpetual succession, and shall have all the powers incident to private corporations at common law, not in conflict with the Constitution and laws of this State or of the United States, so that the object of this act 1 may be carried into effect.

Sec. 2, The said company is hereby invested with the right and power to purchase lands and machinery, and erect buildings for the use of said company, and for the purpose of manufacturing or incident thereto, as may be necessary, as hereinafter provided. Said company shall have the right to manufacture any article made of wood, iron or other minerals, of cotton, wool, hides or leather; said company may -also engage in packing beef and pork, and grinding wheat or corn and putting up the same for market or shipment, or any of the products of the country may be manufactured, shipped or sold by the said company. Said company may also engage in digging and shipping coal, or in smelting and manufacturing iron, copper or other metals, and hammering or rolling the same. Said company may have establishments for the manufacturing of any of the articles aforesaid, at as many places as may be deemed necessary by said company for the manufacture of any or all the articles herein named, with power to erect tan yards or any other works, so as to prepare the raw material for market or manufacture. Said company may have a capital stock of one million of dollars, which may be used in the purchase of lands and machinery, and the erection of buildings for manufacturing purposes

Sec. 3. Be it further enacted, That section nine of said act is hereby repealed.

Sec. 4. Be it further enacted, That said company may issue its bonds in such sums and for an amount equal to three-fourths of the cash value of the lands and landed stock of the company, redeemable in not less than ten years, with interest not to exceed eight per cent, per annum, payable semi-annually ; provided, that a lien shall exist, and is hereby created on the land and landed stock, the buildings and machinery of said company, to secure the payment of said bonds so issued.

Sec. 5. Be it further enacted, That in any suit by or against said company, it shall not be necessary to specially plead this act, but the same is declared to be one of the public statutes of the State.

Sec. 6. Be it further enacted, That when said company shall issue any bonds as provided in section four of this act, the proviso to said section four shall be incorporated into said bonds, and after any of said bonds have been negotiated all persons shall be deemed to have conclusive notice of the lien created.

Sec. 7. Be it further enacted, That in any county where said company shall manufacture there may be organized a special board of directors under the direction of the principal organization, which shall be in the county of Marion, in the State of Texas; said special board of directors shall exercise such powers as may be conferred by the rules and regulations of the company. The assets, stock, moneys, lands, etc., of such organization, organized beyond Marion county, shall be plainly designated and recorded from time to time, and shall be placed, also, as an archive with the general office of the company at Jefferson, in the county of Marion, in the State of Texas; shall only crcata liabilities in accordance with law, and the general bylaws, rules and regulations of the company.

Sec. 8. Be it further enacted, That the machinery introduced into this State for the purpose of manufacturing, as contemplated by this act, and actually used in manufacturing, shall not be subject to taxation for the period of five years from the date of introduction ; nor shall fifty acres of land, in each tract on which buildings may be erected for manufacturing purposes, be taxed for a like period.

Sec 9. Be it further enacted, That the corporators herein named, or any three of them, shall, within four months after the passage of this act, organize as contemplated.

Sec.- 10. This act shall be in force from and after its passage.

Approved April 12. 1871

Laws Passed by the ... Legislature of the State of Texas‎ - Page 114

by Texas - 1871

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