Jefferson Real Estate, Trust, and Dollar Savings Company


 

 

CHAPTER CXVI.

AN ACT TO INCORPORATE THE JEFFERSON REAL ESTATE, TRUST, AND DOLLAR SAVINGS COMPANY.

Section 1.' Be it enacted by the Legislature of the State of Texas, That E. W. Taylor, Perry H. Graham, F. A. Schluter, B. W. Gray, H. D. Benners. W. N. Bryant, Jackson Prouty, C. M. Campbell, and such others as they may associate with them, and their successors, be and they are hereby declared and created a body corporate and politic, under the name and style of the "Jefferson Real Estate, Trust, and Dollar Savings Company," of Jefferson, Texas, with authority in said corporate name and capacity to sue and be sued, plead and be impleaded, contract and be contracted with, to have succession and a common seal; they shall have the right to purchase and sell; hold, pledge and receive in pledge; to transfer and convey any property, either real, personal or mixed ; may make loans and borrow money to the extent of the capital authorized to be employed by this act of incorporation; to receive on deposit any and all sums of money, merchantable and negotiable security, in amounts not less than one dollars; to act, when required, in the capacity of a trust company, being capable, in law and equity, of executing such trusts as may be performed by an individual trustee; to make and adopt, revise and amend such by-laws, rules and regulations, as in the judgment of the company may be necessary to a successful organization and future management; and generally to do any act within the scope of this charter, not at variance with the Constitution and laws of this State.

the same from time to time as the increasing business of the company and the exigencies of the same may demand, to, and within, five hundred thousand ($500,000) dollars. The said stock shall be divided into shares of one hundred dollars each, on which there shall be paid, at the time the subscription to the said stock is made, not less than five (5 p. c.) per cent on all the stock so subscribed; each share to entitle the holder to one vote, either in person or by proxy, in all meetings of the company. Said shares to be deemed personal property, and if any stockholder shall refuse or fail to make payment on such stock as may be subscribed to by him, or her. on such calls or assessments as may be made under authority of this charter, or the rules and regulations adapted by the company, within twenty days from the" date of such assessment or call, his or her stock shall, upon such default, be sold in such manner as the directory may prescribe, and such stockholder shall cease to be a member of such company.

Sec. 3. The management of said company shall consist of a board of directors of not less than five nor more than seven persons, to be chosen annually by the stockholders. They shall elect from the board of directors one president, one vice president, one treasurer and one secretary, and such other officers as the by-laws of the company may prescribe, whose term of office shall be for one year, or until their successors shall qualify.

Sec. 4. The secretary and treasurer of said company shall, before entering officially upon their duties, enter into bond, respectively, with said company, with two or more good and sufficient sureties, in the sum of ten thousand dollars, conditioned for the just and faithful performance of the duties devolving upon them in their official capacities; said bonds shall be deposited with the treasurer of the city of Jefferson for safe keeping, and they shall not be forfeitable upon the first recovery.

Sec. 5. The bonds required to be executed by the treasurer and secretary, respectively, as hereinbefore provided, may be canceled at any time by a majority vote of the directors of said company, and the secretary and treasurer be required to renew the same in such greater sums and amounts as the increased business and greater security of the company may seem to demand.

the provisions of this charter the salary of the president thereof shall have been advanced.

Sec. 7. The members of this act of incorporation, and such persons as they may associate with them, shall meet in the city of Jefferson within one hundred and twenty days from the passage of this act, for the primary organization of said company, and they shall give notice by publication in some newspaper published in the city of Jefferson, of the day and date upon which books will be opened to the public for subscription to the capital stock of said company; and not until twenty-five thousand dollars of the same shall have been subscribed and five per cent, thereof have been paid in, shall the said company be authorized to enter formally upon the privileges conferred by this charter.

Sec 8. The legal domicile of said company shall be in the city of Jefferson.

Sec. 9. All obligations of the company shall be signed by the president and treasurer.

Sec. 10. This act of incorporation shall take effect from its passage, and remain in force for the period of'fifty years.

Approved December 1, 1871.

Laws Passed by the ... Legislature of the State of Texas‎ - Page 173

by Texas - 1871

 

 

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