Mexico weekly ledger., 1877-12-20
MODERN "MAGNA CHI
CHARTER OF THE PALAFox AND BA.
CITAs LAND COMPANY, IN OTHER
WORDS, H "RUGGLEs COLONY

CHARTER OF H PALAFOX n BA
cITAs LAND COMPANY, IN OTHER
WORDS, H "RUGGLEs COLONY"
WHEREAS, The undersigned are
owners in fee simple cfa certain tract
of land in Webb county, in the State
of Texas, knownaas the .Palafox and
Balconcitas Land Grant Company,
the grant under the crown o Spain to
Don Joaquin Galan, and are desi-
rous of facilitating the settlement Of
the same for agricultural and horti-
cultural purposes, do therefore adopt
the following articles of agreement
and association.
/. The name of this association
shall be known as the Palafox and
Balconcitas Land Company.
2. The purpose for which it is
formed is the encouragement of agri-
culture and horticulture.
8. The p~laceywhere it's business
shall be transacted is Webb county,
Texas, with principal office al
and branch office at st. Louis, Mis-
souri,.
4. The time for which it is to exist
is--years.
5. Its management shall be under
the control of a board of five direc-
tors, one of whom shall be chosen
President. The board may also elect
one of their number Vice-President
who shall in the absence Of the Presi-
dent perform the duties Of the office
of President. There shall be a Sec
retary who shall ALSO DE the Treasurer
and shall discharge the duties of both
offices. He shall be appointed by the
board of directors, and hold his office
for one year and until his successor
is appointed and qualified.
6. The amount of the capitol stock
Of said company is to be three hum
bred and fifty thousand dollars, in
shares of one hundred dollars, based
upon two hundred and eighty thou
sand acres of land more or less, locat-
ed in Webb county, Texas. a plct
and description d which accompanies
this paper marked A. and B. respec-
lively. THE. shafes of one hundred
each shall be paid for in the lands 81
the stookholdersrespectivel owned by
them within the said Palafox and Bal
concitas Land Gran tat the rate ofone
dollar and twenty-five cents, per acre
and each of said stockholders shall
convey to said association all the lands
held by him within said grant and re-
ceive thereof stock rs aforesaid,
provided that if upon a careful survey
of said lands, the number of acres
shall exceed two hundred and eighty
thousand then the capitol stock of
said company shall be increased to
an amount equal to such excess and
stock issued to the owner thereof
upon the basis heretofore stated. On
the subscription of the three hundred
aud fifty thousand dollars of stock,
this company shall be organized by a
meeting of stockholders upon the
call of Gen. Daniel Ruggles-
days previous notice of which shall
be given to each ofthe stockholders to
be served through their respective
post offices by letter or printed notice,
setting forth the time, place, and pur-
poses of the the meeting. Each stock
holder shall have one vote for every
share of one hundred dollars. The
association shall keep a book in
which the transfer of shares Gifts stock
shall be registered, said book shall
also contain the names of its stock
holders, and sisdl at all times during
the usual hours of business be open
to the examination of the stock
holders. The President shall be the
general manager of the company.
Five directors shall be elected by the
stockholders out of their humber who
shall have with the President the
ms uagement of the business affairs
of the organization. All officers to
be elected annually and to serve with
out compensation, provided that in
case of failure to elect officers annual
", the old officers shall hold over
until their successors are elected No
stakeholder will be permitted at any
time to sell his stock below par with
out first offering it TO the President for
three months for the refusal of the
stockholders of the company. No as
sesslnent on stock or lands shall ever
be made by the company without a peti
ton being signed and presented to the
board of directors signed by persons
representing two thirds of the eapi-
toll stock of the company, and in case
of assessment on stock or lands the
title to said lands assessed or the
stock as held by .d~elinquepts shall not
be alienated tG pay the same for n
wear after such assessment be de-
ciared due. Services rendered by
order of the board OF directors may be
compensated by q vote of the direc-
tors of the company. The board of
J:.ontors N ftor oruo pizotion ohnll DrO-