Lake O’ the Pines – (Ferrells Bridge Dam) 

CHAPTER CXXXVI.

AN ACT TO INCORPORATE THE MARION COUNTY BAYOU NAVIGATION COMPANY.

Section 1. Be it enacted by the Legislature of the State of Texas, That J. W. Johnson, W. G. Robinson, J. K. Lawrence, J'. A. McMillan, M. Marsh and C. M. Campbell, together with such other persons, corporations and companies as may be associated with them, and their successors and assigns, be and they are hereby created a body politic and corporate, under the name and style of the Marion County Bayou Navigation Company, with full capacity under said corporate name to make contracts, to sue and be sued, to plead and be impleaded, to have succession, to .have and use a common seal, to mate and alter by-laws, to hold real estate and personal property, to take grants and gifts, and generally to do and perform all things necessary and proper to be done to carry into effect the objects of this incorporation, and the rights, privileges and immunities accruing under this act, not inconsistent with the laws of this State or of the United States.

Sec. 2, That the capital stock of said company shall consist of one thousand shares of one hundred dollars each, and each share shall entitle the owner thereof to one vote, either by himself or by written proxy, at any general meeting of the stockholders. Said shares shall be deemed as personal property, and may be transferred, under such rules as may be prescribed by the directors; provided, that all such transfers shall be recorded by the secretary in a book to be kept for that purpose.

Sec. 3. That the government and direction of the affairs of said company shall be vested in a board of five directors, and they shall elect one of their number president, who shall hold his office for the term of one year from the date of his election, or until a successor is duly elected. The first named corporators in this act shall constitute the first board of directors, who shall hold office for one year, until their successors are duly elected by the stockholders, at a regular meeting held for that purpose; and the first general meeting shall be holden at the city of Jefferson, in Marion county, Texas, in one year from and after the passage of this act. The directors shall have power to appoint a secretary and a treasurer, and said treasurer shall give such bond for the faithful performance of the duties of his office as may be prescribed by the board of directors. The board of directors may appoint such other officers and agents as may be necessary and common to private corporations. ' All contracts made by said company shall be signed by the president and countersigned by the secretary, and bear the impression of the seal of the company. No person shall be eligible as a director who does not own at least' ten shares of the capital stock of said company; and at any general election by the stockholders, no person shall be declared elected a director unless he shall have received a majority of all the votes cast. It shall be the duty of the board of directors to frame the by-laws of said company. Should any vacancy occur, by death or resignation, in the board of directors, the president by the secretary may convene a special meeting of the stockholders to elect a member to fill the vacancy for the unexpired term. The stockholders shall hold one general meeting every year, and the time of such general meeting shall be fixed in the by-laws

street, in said city intersects the said bayou, and as near as practicable following the channel of said stream towards its source, and secure the safe navigation of said stream, by the use of dredge boats and other necessary machinery. The said company shall keep their principal office at the city of Jefferson, in Marion county, Texas.

Sec. 5. That it shall be the duty of the Governor of Texas, upon notification by the president of said company that said bayou has been sufficiently cleared of obstructions so as to be safely navigable to ordinary steamboats, to appoint a competent engineer to examine said bayou of obstructions to navigation be done in accordance with the provisions of this act, the said engineer shall certify the facts to the Governor, and the Governor shall thereupon issue his certificates to said company, authorizing the said company to assess and collect the following rates of toll on all freights transported on said stream, to-wit: ten per cent, on each freight bill of all freights passing from above Jefferson through said stream to Jefferson, and a like per cent, on freight bills from Jefferson up said stream.

Sec. 6. That said company binds itself to deep said bayou sufficiently clear of obstructions to safe navigation for the space of thirty-five years, from and after the passage of this act, in consideration of the collection of the above mentioned tolls; and said company shall have the right to cut down and remove all trees or timber, which by falling into said stream, may hinder the safe navigation thereof.

Sec. 7. That this charter, and all the rights and privileges herein granted, shall continue and remain in full force for the period of thirty-fire years, from and after its passage and approval; provided, however, that the same is not forfeited by the proper legal action had in the district court, for non-compliance, on the part of said company, with the requirements of this act,

Sec. 8. That the said company, in order that they may be fully enabled to effect and complete the proposed improvement for the navigation of said bayou, be, and they are hereby authorized, to issue their bonds in an amount not to exceed one hundred thousand dollars, and place them upon the market; provided, that said bonds shall be redeemable not more than five years from the date of their issuance, and shall be a first mortgage lien upon the rights, franchises and property of said company. Said bonds shall be signed by the president, and countersigned and registered by the secretary of the company, and shall bear the impression of the seal of the Company.

Sec. 9. This act to take effect and be in force from and after its passage.

Laws Passed by the ... Legislature of the State of Texas

by Texas - 1871

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