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![handle is hein.slavery/ssactstx0128 and id is 1 raw text is: 81
the stock, to declare forfeitures of stock for non-payment, and a majority of the
Board shall constitute a quorum for the transaction of business.
SEC. 6. That the p'arties (or a majority of them) namned in the first section of
this act are hereby invested with the right and authority to organize said com-
pany, wheneverono hundred thousand dollars of the capital stock shall have been
subscribed and twenty-five per cent. thereof paid in cash, and that this act
shall expire at the expiration of twenty years from iit, passage.
sec. 7. That no person shall be eligible to the office of ]) irector, who shall
not be the holder of at least ten shares of the capital stock; each aittre shall on.
title the owner thereof to one vote in person or by proxy, and thi, khares shall
only be transferable In such manner as may be prescribed by tlo by-laws, and
shall be deemed personal propery.
s,,. 8. This company shall be entitled to the benefits of any laws which
hive heretofore beent or may hereafter he, passed by the. Legislatire of this
State, to'encourage tho erection of machinery or manufactories by doii'lons
of land or otherwise.
SEC. 9. Thin company shall have pet In operation some of its mac lnery for
the nanufacture of gowns or socks, drawers and shirts, or have walitnfactnred
and offered for sale to the Government or people on or before the first day of
January, 1865, or this charter shall be null end void, otherwise to be in fill
force and effect.
SEC. 10. That this act take effect and be In forte from and after its passage.
Approved May 28th, 1864.
CHAPTER X1.
AN ACT to incorporate TI Falls of Brazos Manufaeturing Company.
8aCTIOr 1. Be it einaced by the Leglsaure of fh State of Ters, That
Churchill Jones and his asbociatek are hereby created a body corporate and
politic under the name and style of The Falls of Brazos Manufacturing Core-
pany, with capacity in said corporate name to make contracts, to have sue-
cession and a oinmion seal, to make by-laws for the government and regulation
of Its hlfairs, to sue and beaned, to plead and be impleaded,to grant and re.
calve, and do and perform all such acts and things as may benecessary and
proper for or incident to the fulfllment of its obligations or the maintenavlce
of its rights under this act and consistent with the Constitution.
SEc. 2. Said company is hereby invested with the right. power and author.
ity to erect, own, establish, maintain and operate a cotton and woolen mean.
factory, grist, saw and flouring mill or mills in the County of Falls, at or near the
falls of Lha Brazos river, or at such place as they may designate, with a capital
stock of on6 hundred thousand dollars, to be invested in the purchase of lands,
buildings, macinery, mills, looms, spindles, &c., with the right to erect such
buildings and establish such mills and shops as may be necessary to the success
of said company, and to invest so much of the capital stocl- in negroes, cotton,
wool, and other goods, as said company may deem gxpedient In the prosecution
of said enterprise.
SRo. 3. That the said Churchill Jones and his associates, so soon as thirty
thousand dollars is subscribed and paid in, may proceed to organize said com-
pany, calling the stockholders together for that purpose; the capltal of said com-
pany to consist of all Its property, real and personal, franchises and rights to
properly, and shall be divided, into shares of one hundred dollars each, eaci share
entitling the owner thereof to one vote, by himself or proxy, at all the
meetings of said company; said shares shall be deemed pi'sonal estate and
shall be transferable by any conveyance in writing, recorded by the Treasurer
or Secretary Ina book kept for that purpose, or In such other manner as the
by-laws of the ocompany shall provide.
SEC. 4. The government of- the affairs of the company shall be vested in a](ViewImageLocal?handle=hein.slavery/ssactstx0128&div=1&collection=&method=preview&ext=.png&size=3)