Murphy Building Historic Marker

CHAPTER CXLVI.

AN AM TO INCORPORATE THE JEFFERSON INSURANCE COMPANY.

Section 1. Be it enacted by-the Legislature of the State of Texas, That W. M. Harrison, J. W. Russell, J. M. Swisher, B. H. Epperson, F. A. Schluter, W. G. Bateman, Amos Morrill, D. Campbell, M. Wright, J. S. Grinnin, D. B. Culbertson, N. A. Birge and P. M. Graham, and their associates, be and they are hereby constituted a body corporate and politic, with succession, under the name of the " Jefferson Insurance Company," and as Bach by that name shall be capable of contracting and being contracted with, suing and being sued, in all matters growing out of eaid company-s business, and may purchase and hold real, personal and mixed property and dispose of the same, and have and use a corporate seal.

Sec.. 2. That the capital stock of said company shall not be less than one hundred thousand dollars, divided into shares of one hundred dollars each, transferable on the books of the company under such rules as shall be prescribed by tho board of directors; but no stock shall be issued by tho company except as the same is paid for in full. in cash.

Sec. 3. That said company shall have power to do a general marine, fire, inland and life insurance business, and to make contracts, issue policies, and to do all other acts necessary in carrying on such a business; to charge and receive such premiums, commissions and compensation for the risks taken and the business done, as the president and directors may deem just; to loan money on bottomry and respondentia security at marine interest; to deal in bullion, stocks and public securities; to make loans on real estate, stocks and personal property; to discount notes and acceptances, buy and sell bills of exchange, receive money on trust and deposit, issue certificates of deposit, and use capital and funds in any other lawful manner.

Sec. 4. That the affairs of said company shall be under the control and management of a board of not less than seven directors, each of whom shall be the owner of not less than fifty shares of stock in said company. A majority of said directors shall form a quorum for the transaction of business, and they shall be elected at the annual meeting of the stockholders, to be held on the second Wednesday in January of each and every year, after the passage of this act, by a majority of the stockholders present. Vacancies in said board may be filled by the remaining members thereof, until the next annual election shall take place. The corporation shall not be dissolved by the failure of a regular meeting or election, but the directors for the time being shall call a meeting for an election at an early day, giving twenty days- public notice of the time and place of such meeting, and shall continue in office until a new board elected and organized; and ft shall be the duty of a newly elected board to meet and organize within ten days after their election. Until the first annual meeting of. the stockholders the persons named in the first section of this act shall constitute a board of directors, with power to elect from their own number a president and vice president, and to perform every act within the powers hereby conferred upon the president and directors of said company. 

See. 5. That in all elections, and upon all questions arising in a meeting of the stockholders, the vote shall be by ballot, and each stockholder shall be entitled to one vote for every share of stock he may hold in said company, and may vote in person or by proxy. To form a quorum to transact business a majority of all the stock must be present or represented at the meeting.

Sec. 6. That the board of electors shall elect from among their own number a president of the company and a vice president. The said president and directors shall have authority to adopt a by-law declaring and reserving a Hen on the stock of any stockholder indebted to the company, and to adopt all such other rules, regulations and by-laws not in contravention of the Constitution and laws of the State, and to appoint all such subordinate officers as they may deem necessary for the proper management of the affairs of the company.

Sec. 7. That the principal office of said company shall be in the city of Jefferson, Marion county, Texas, and the company may establish such branch offices and agencies as its business may require

Sec. 8. That said company shall be authorized to commence business under this act whenever one hundred thousand dollars of its stock shall have been taken and fully paid up in cash.

Sec. 9. That this act shall take effect from and after its passage, and continue in force for fifty years.

Approved May 2, 1871

Laws Passed by the ... Legislature of the State of Texas‎ - Page 253

by Texas  - 1871

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