Jefferson Insurance, Savings and Exchange Company |
Republic of Texas 1 dollar bill 1836 To 1846
CHAPTER CIV.
AN ACT TO INCORPORATE THE JEFFERSON INSURANCE, SAVINGS AND EXCHANGE COMPANY.
Section 1. Be it enacted by the Legislature of the State of Texas, That there may be established in the city of Jefferson a company, for the purpose of transacting the business of insurance, deposit and exchange, which company shall be called and known by the name of the " Jefferson Insurance, Savings and Exchange Company;" and all such persons as shall be stockholders, and their successors, shall and may have succession for the term of twenty-five years; and shall be capable of suing and being sued, answering and being answered unto, defending and being defended, in all manner of actions, suits, complaints and causes whatsoever; and may have & common seal; and shall be in law capable of purchasing, holding and conveying all kinds of property, real and personal; of receiving in trust, on deposit, from any person or persons, moneys, jewels, plate, or other valuable thing, and of giving their acknowledgments of such deposits in such form as the directory of said company may deem best suited for the mutual protection and convenience of the depositor and the company. That said company shall also be authorized to loan of their own funds and earnings, on any bills, or public stocks of incorporated companies, and to buy and sell exchange.
Sec. 2. That the capital stock of said company shall be one hundred thousand dollars, with the privilege of increasing the same to one million of dollars, whenever the board of directors may deem it expedient to do so, to be divided into shares of one hundred dollars each. Twenty-five dollars shall be paid on each share, in cash, at the time of subscribing, and the remainder in such installments as the board of directors may direct.
Sec. 3. That books of subscription to said capital stock shall be opened in the city of Jefferson, under the superintendence of F. C. Baker, W. C. Baker, W. H. Johnson, S. F. Mosely and John M. Waskem, or any three of them. Said books of subscription shall be open until one hundred thousand dollars be subscribed ; but no share shall entitle the holder to vote at any election, unless the same shall have been bonafide held by him or her, at least ten days next immediately before said election.
Sec. 4. That there shall be elected from amongst the stockholders not less than five nor more than nine directors, who shall hold their office for one year, and until their successors are elected and qualified; which directors, at the time of their election, and during their continuance in office, shall be holders, in their own right, of at least five shares of stock ; and they shall be elected annually, after the first election, at the office of the company, or at any other convenient place in the city of Jefferson, and at such time of the day as the president of the company may appoint, of which election the stockholders shall have timely notice through the printed newspapers of the city of Jefferson. Said election shall be by ballot, and in person or by proxy, and each stockholder shall be entitled to one vote for each share of stock that he or she may own.
Sec. 5. That as soon as the sum of one hundred thousand dollars shall have been subscribed, it shall be the duty of the said F. C. Baker, W. C. Baker, W. H. Johnson, S. F. Mosely and John M. Waskem, or a majority of them, to appoint a time and place of meeting of the stockholders, for the election of the first board of directors; and at the time and place appointed, the stockholders shall determine, by a majority of vote3, whether the number of directors shall be five or nine; and having so determined, shall proceed to elect said directors in a similar manner; and the persons then, there and thus elected, shall constitute the first board of directors, who shall serve for one year, and until their successors are duly elected and qualified. The said board of directors shall, immediately after their own election. meet and elect one of their number president of said company, who shall serve twelve months, and until his successor is duly elected and qualified.
Sec. 6. That the directors of said company, or a majority of them, shall have power to make such by-laws, rules and regulations, not inconsistent' with the laws of this State and of the United States, as to them may appear needful and proper, for the management and government of said company, its stocks, property, estate and effects.
Sec. 7. That said company shall have power and authority to make general insurance upon houses, live stock, life, health, marine and fire risks, freights, moneys, goods, cottons, wares and merchandise, and to fix premiums for the same ; and all policies of insurance by them made, and subscribed by the president (or by two directors in his absence,) with the seal of the company affixed thereto, shall be lawful and binding.
Sec. 8. That any stockholder who, after subscribing, shall neglect or refuse to pay the amount due on his stock, when called on to do so, shall forfeit the same, if not paid in sixty days.
Sec. 9. That all jewels, plate, moneys, bills, notes, checks, or other valuable thing deposited for safe keeping in the vaults or drawers of said company, shall not be jeopardized by any risk or obligation of said company, but shall be free from any risk, loss, liabilities or indebtedness arising or growing out of said insurance business.
Sec. 10. That in case of a vacancy in the board of directors of said company, the remaining directors shall fill the vacancy by electing from among the stockholders another director, whose time shall expire with the others.
Sec. 11. That all contracts, certificates or obligations, for the payment of money by said company, shall be signed by the president and secretary.
Sec. 12. That the amount of capital actually paid into, and the property belonging to said company, shall be, at all times, liable to' the same rates of taxation, as the property of individuals and like corporations in this State.
Sec. 13. That the company shall have power to establish agencies, as they may deem expedient for the interest of the company, and that said agencies shall be alike subject to all the rights, privileges and penalties of this act; and said company shall have the right and privilege to organize, as soon as the terms of this charter are complied with.
Sec. 14. That the company shall have the right to elect or appoint a secretary, and such other officers, for the management of the affairs of said company, as they may deem necessary, and to require bonds, if they desire to do so.
Sec. 15. That the stockholders shall at all times have access to the books of said company. If any depositor shall present his certificate of deposit, and the company shall fail to pay the same, within three days after such presentation is made, then the stockholders in said company shall become individually liable for said deposit, unless said deposit wag destroyed by fire, and the certificate pertaining thereto was indorsed, "not insured."
Sec. 16. That no person shall participate in any election for directors or officers of said company who has not paid, or caused to be paid, or otherwise satisfactorily secured his or her stock in said company ; neither shall a delinquent stockholder participate in the profits, nor be chargeable with losses, until he or she shall have paid or satisfactorily secured said stock subscription.
Sec. 17. That this act shall take effect and be in force from and after its passage.
Approved August 13, 1870.
Laws Passed by the ... Legislature of the State of Texas - Page 202
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Texas - 1871
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