Excelsior Hotel Registration Desk First Floor Lobby, c. 1872 Wing 

CHAPTER LXXVIII.

AN ACT TO INCORPORATE THE EXCELSIOR REAL ESTATE AND BUILDING ASSOCIATION.

Section 1. Be it enacted by the Legislature of the State of Texas, That Horace Welch, Jno. G. Boyle, C. W. Garland, Chas. Haughn, J. W. Johnson and Geo. Walker, and their associates and successors, are hereby created and established a body corporate and politic, under the name and style of the Excelsior Real Estate and Building Association, with capacity in said corporate name to make contracts ; to hold, buy and sell property, both real and personal ; to contract and execute leases ; to take grants and gifts ; to execute deeds, mortgages, and deeds of trust; to have succession. and a common seal; to make by-laws for the regulation of its affairs; to sue and be sued; to plead and be iinpleaded ; to declare dividends and make divisions of property ; to do and perform all such things as may be necessary and proper for or incident to the fulfillment of its obligations and maintenance of its rights under this act, and consistent .with the Constitution and laws of the State; provided, that the operations of said association, as to the purchase or holding of real property, shall be restricted exclusively to and within the county of Marion.

Sec. 3. The capital stock shall be fifty thousand dollars, with the power and privilege of increasing the same to three hundred thousand dollars.

Sec. 4. The capital stock of fifty thousand dollars shall be divided into one hundred shares of five hundred dollars per share, payable in monthly installments of ten dollars per month.

Sec. 5. Any shareholder who fails, neglects or refuses to pay or cause to be paid his regular monthly installment, shall forfeit his stock to the association ; provided, however, that by and with the consent of the board of directors, for some good cause shown, such delinquent may be allowed fifteen days to redeem stock thus forfeited.

Sec. 6. No person shall own more than five shares of stock in this association, and in case any share of stock shall become forfeited in accordance with the foregoing provision, the board of directors shall dispose of the same to the highest bidder, in such manner as the by-laws may direct; provided, that one half the proceeds shall be returned to the shareholder whose stock has been forfeited.

Sec. 7. Whenever one hundred shares shall have been subscribed, and two months installments paid in, this association shall be deemed organized and competent to transact business under this charter, and be entitled to all the grants and privileges hereunder.

Sec. 8. Service of any and all legal proceedings, in any suit against this association, shall be sufficient if made upon the president or secretary.

Sec. 9. Books of subscription shall be opened under the supervision and direction of the corporators herein named, each share entitling the owner thereof to one vote, and when the required amount is subscribed and paid in, they shall give notice and proceed to organize said association.

Sec. 10. This act of incorporation shall be in full force and have effect from and after the date of its passage, for and during the period of thirty years.

Approved November 25, 1871