Lake City Cotton and Wool Manufacturing Co
Built in the late 1850s, this building first housed the Jefferson Masonic Lodge. A number of businesses were located here during the Civil War
AN ACT TO INCORPORATE THE LAKE CITY COTTON AND WOOL MANUFACTURING COMPANY.
Section 1. Be it enacted by the Legislature of the State of Texas, That there may be, and is hereby established, at the place ' known as Lake City, about four miles west of the city of Jefferson, Marion county, in this State, a company for the purpose of manufacturing cotton and wool which company shall be called and known by the name of the Lake City Cotton and Wool Manufacturing Company, and the stockholders and their successors shall have succession, and by that name shall be capable of making contracts, of suing and being sued in all the courts of this State; of purchasing, holding and conveying property of all descriptions, not to exceed in value fifty thousand dollars at any one time; to make, have and use a common seal, and the same to alter and renew at pleasure, and generally, to do any act necessary to carry into effect the objects of the corporation not inconsistent with the laws and the Constitution of this State or the United States.
Sec. 2. That the capital stock of this company shall be fifty thousand dollars, to be divided into one hundred shares of five hundred dollars each, to be paid in the following manner: two hundred and fifty dollars on each share at the time of subscription, and the residue at such time as the president and directors may direct, which said capital stock may hereafter be increased to one hundred thousand dollars, by the president and directors of the corporation, whenever a majority of the stockholders shall, by vote, so direct; the said stock shall be held as personal property,. and if any stockholder shall neglect or refuse to make the payments as required, his stock may be sold by order of the president and directors, in such manner as may be provided in the by-laws of the company, and such stockholder shall be liable for the balance due by him as stockholder in the corporation as it becomes due, and may be sued for the same in any court of Marion county having jurisdiction of the amount.
Sec. 3. When the said sum of fifty thousand dollars shall be subscribed for, the stockholders shall, as soon thereafter as may be, call a meeting, and said stockholders shall proceed to the election of not less than three nor more than seven directors, as may be determined by them, and said directors shall elect one of their number president, and said president and directors elected in pursuance of this act shall have full power_and authority to make, appoint and remove at pleasure, all officers and agents of said corporation ; to fix their compensation, prescribe their duties, and generally, to manage the affairs of the corporation; they shall also have power to fill any vacancy which may occur in their body, and also, to appoint a president pro tempore when the president may be absent from their meetings, and if the president or any director be absent, without leave, from three consecutive regular meetings of the board, a majority of the same may declare his place vacant, and proceed to fill . it without notice to such absent president or director. Books of subscription shall be opened under the superintendence of John V.' Ford, John H. Scott, M. B. Nash, L. H. Norwood, A. J. R Garrett and R. H. Scott, or any two of them, and shall be kept open until said sum of fifty thousand dollars shall be subscribed for.
Sec. 4. That the directors of the corporation shall call an annual meeting of the stockholders, to make such election for directors, who, when so elected, shall hold their offices for the term of twelve months, or until their successors are elected; and in all meetings of the stockholders those holding a majority of the stock shall constitute a quorum, and each stockholder shall be allowed one vote for each share he holds, and the stock may be represented in person or by proxy, to be appointed in writing signed by the absent stockholder; provided, that no stockholder who has failed to pay any installment on the stock which has been called for shall be permitted to vote at any meeting of the stockholders.
Sec. 5. The president and directors of the company shall annually divide to the stockholders thereof so much of the profits of the business of the company as in their discretion they shall deem proper and safe, which dividend, when declared, shall, in the discretion of the president and directors, be indorsed on the unpaid stock notes of the party entitled to the dividend, until such notes are paid in full, or may, in their discretion, be paid to the party so. entitled; but no dividend of any of the profits of the company shall be made at any time, unless the capital paid in remain unimpaired,'
Sec. 6. That any increase in the capital stock of the company, beyond said amount of fifty thousand dollars, not to exceed one hundred thousand dollars, shall be by resolution of the stockholders, at their regular annual meeting. Said increased stock shall be divided into the same number and amount of shares, subscribed for and paid in the same manner as directed in the second section of this act; and the subscribers and stockholders shall be subject to the same duties and responsible in the same manner, and entitled to the same rights and privileges as in said section and other sections of this act are provided.
Sec. 7. That the president and directors of said corporation.' shall have power to fix the places and modes of transfer of certificates of stock, as well as the payment of interest and dividends.' That a majority of the board of directors shall constitute a quorum' for the transaction of business, and that said board of directors shall also have power to pass such by-laws as may be necessary to carry this act into effect, to delegate authority to such officer or person as. they may deem proper, and to execute or authorize the execution of such bargains and contracts as may seem to them best for the interest of the corporation.
Sec. 8. That the said corporation shall be responsible to the extent of its property, and .the stockholders to the extent of their respective stock not paid up. The officers of the company shall, during the month of January in each year, cause a full and accurate statement of the affairs of the company to be made out, which statement shall be signed by the president of the company, and recorded in its books.
Sec. 9. That this charter, and all the privileges and powers' herein granted, shall continue in force and effect for the full term of twenty years from the passage of this act; and that the property, funds and business transactions of the corporation shall be subject to the same rates of taxation by law imposed on the property of individuals. .
Sec. 10. That this act be in force from and after its passage
Approved November 16,1871.
Laws Passed by the ... Legislature of the State of Texas
Texas - 1871