The Trinity journal., 1856-12-20
ARTICLES OF ASSOCIATION
OF TIE. e.. tttE.
RIVER CANAL COMP ANY
PREAMBLE
clrIrAL sTocK. SEQ. 600.

. 81 PREAMBLE: 81 - II .
Whereas, Joint Stock Company hav-
ing been formed and Incorporated under the /
General Law for the formation Of Corpo-
rations for certain purposes, passed April
14th, 1858" for the purpose of constructing
a Canal from some point on the Trinity Riv-
er, at or near Reas's Mill, and running down |
said river fifteen miles, more or less, and car
rying twenty-four square feet Of water more |
or less, with grade Of four feet to the mile |
more or less: Now, therefore, the following
contract and Articles of Association are here
by agreed upon and adopted by the subscri
bers hereto, viz:
Article 1.-The Company shall be known
as the TRINITY RIVER CANAL COMPANY"
with Capital Stock of Sixty thousand dol
lars, ($G0,000,) divided into three hundred
shares of two hundred dollars $4,000 each,
and represented by Certificates of Stock.
Article u.-When one hundred and IF
ty shares Of the Stock Of said Company shall
have been subscribed for by bona fide and
responsible subscribers, a meeting OF the sub
scribers shall be called by public advertise
ment in some paper published in Trinity Co.
at least twenty days before the time appoint
ed for such meeting. At such meeting q
Board of Trustees, to be composed of
five persons (who shall be Stockholders,
shall be chosen also, Treasurer and
superintendent, for the term of months
Three Of said Board of Trustees shall con-
stitute q quorum for the transaction of bus
mess the whole to be elected by the votes
of the ma jority of the Shares repre-
sented at such meeting, and each share sub
scribed shall entitle the subscriber thereto to
one vote in person or by written proxy.
Article uI.--Twenty per cent of all sub
scripton to the Stock shall be paid or made
payable to the Trustees Immediately upon
the organization of the Company, and the
residue shall be paid to their order, when
called for by public notice or notice trans
mitted to each subscriber at least ten days
previous to the time Of payment, and the
call shall be by installments of not more than
twenty per cent on each share, and at inter
walls Of not less than thirty days. If any
subscriber thus notified shall fail to make
payment Of any nstaIlment for the period
of fifteen days after such installn1ent shall
become due, he shall forfeit his Stock and
all prior payments made thereon and new
subscriber be admitted in his stead, or he
shall be held responsible for the whole amount
OF his subscription, at the option OF the
Trustees.
Article IV.-Each subscriber mention
ed in Art. ii shall be entitled to Certificates
of Stock and accruing dividends whenever
the full amount of his subscription shall have
been paid, and not sooner
Article V.-The Board of Trustees shall
have power to make Contracts with any
person or persons to complete the work, or
any portion thereof, provided that due no
tice is given by said Trustees to receive pro-
posalS, and the contract awarded to the low
est bidder Of responsibility. Nomoney shall
be paid out until the whole work is put un-
der contract and Bonds executed by
the Contractor or Contractors to com
plcte the portion or portions so contracted
for, in accordance with the plan specified
Each Stakeholder shall have hepriyilcge of
working out the amount of Stock subscrib-
ed by him at cash prices provided such Stock
holder shall complete the work within the
time specified by the Trustees Immediate
w upon the organization Of the Company,
the Board of Trustees shall proceed to as
certain the cost and expense of locating the
Canal ready for the Contractor or Contrac-
tors, and contract with some Responsible per
son to proceed Immediately to complete such
location, and who shall be paid for such sur
vey and location by the proceeds Of an as
sessment on the amount of Stock already
sold provided, however, that credit shall be
given to each Stakeholder for the amount so
assessed, over and above what each Stock
holders proportion would be if the whole
amount of Stock was sold