failure to elect annually a new board, then the old board are authorized to hold their place, and transact the business of the said until their successors are chosen.

company

SEC. 5. That the board of directors shall be convened at any time at the call of the president, who shall preside over their meetings.

SEC. 6. That the principal office of the said company shall be at the town of Liberty, in Liberty county.

SEC. 7.

That this act take effect and be in force from and after

its passage.
Approved December 1. 1871.

CHAPTER CXXV.

AN ACT AUTHORIZING THE MAYOR AND BOARD OF ALDERMEN OF THE CITY OF BRENHAM TO DISPOSE OF THE ALLEYS OF SAID CITY.

SECTION 1. Be it enacted by the Legislature of the State of Texas, That the mayor and board of aldermen of the city of Brenham be and they are hereby authorized and empowered to dispose of any or all the alleys m said city, now the property thereof, in manner as hereinafter prescribed.

SEC. 2. That in ten days after the passage of an ordinance by the said board of aldermen, providing for the sale of said alleys, there may be selected four arbitrators, two by the mayor and two by the citizens, either at a public meeting convened for that purpose, or by common consent, which arbitrators shall choose an umpire, who, upon a tie, shall give the casting vote. The said arbitrators shall decide upon the value of each and every alley, or any part of an alley, which, for reasons hereinafter provided, it may be found necessary to sell in part, and shall, in writing, notify the mayor of their decision, who in turn shall, by publication for three consecutive weeks in a newspaper published in said city, announce the prices at which the same are to be sold.

SEC. 3. That any person who, prior to the passage of this act, has erected any building on, or has enclosed for business or domestic purposes any alley or part thereof, or through whose property or premises any alley or part thereof may run, shall have the right to purchase such alley or part thereof built on or enclosed by him or

her, which traverses their property as aforesaid; provided, that if, within twenty days after the mayor has publicly offered the same for sale as aforesaid, the said party shall not have complied with the terms of sale as shall be prescribed by the ordinance provided for in section two of this act, then in that case any other party or parties whomsoever shall have the right to purchase and take possession of said alleys or parts thereof, upon complying with the said terms of sale.

SFC. 4. That this act shall take effect and be in force from and after its passage.

Approved December 1, 1871.

CHAPTER CXXVI.

AN ACT TO INCORPORATE THE HOME INSURANCE AND TRUST COMPANY OF TEXAS.

SECTION 1. Be it enacted by the Legislatur of the State of Texas, That R. D. Johnson, S. H. Gilman, A. Kory, S. K. Labatt, Selim Rinker, W. B. Sorley, Henry Pendleton, S. Heidenheimer, J. K. Speirs and S. W. Sydnor, of the county of Galveston and State of Texas, and their associates and successors be, and they are hereby, constituted a body corporate and politic, under the name and style of the "Home Insurance and Trust Company of Texas," and under said name may sue and be sued, plead and be impleaded, defend and be defended, in all courts whatsoever in this State, and may have and use a common seal.

SEC. 2. That the purposes and objects of this company are to make insurance on dwelling houses, stores and all kinds of buildings; upon household furniture, merchandise and other property, against loss or damage by fire, and the risks of inland transportation and navigation; to make insurance upon vessels, freights, goods, commissions, bank notes, bills of exchange, and other evidences of debt, bottomry and respondentia interest, and to make all and every insurance appertaining to or connected with marine risks and risks of navigation and transportation; to make insurance on the lives of individuals, and every insurance appertaining thereto or connected therewith; and to grant, purchase and dispose of annuities; to make insurance upon the health of individuals, and against personal injury, disablement or death, resulting from traveling or gcneral

accidents by land or water; and for the more certain security, and more equitable benefits to be derived from such purposes and objects, said company purposes to establish agencies in any or every city, village or county in the State of Texas; every agency with its own local board of trustees, who shall have power and authority to loan the surplus funds of their respective agencies, on approved security, of its own locality, so as to give the insured the fullest benefits of the use of the fund to which they contribute, and by combining the liability of the principal and all agencies to pay any and all losses, while the collective risks may be very large, the local ones must be comparatively so small that the entire destruction of any city or village in the State of Texas shall not affect the solvency of said company.

SEC. 3. That the general office of said company shall be established in the county of Galveston; and in all suits against said corporation, service may be made either upon the president, secretary,

or treasurer.

SEC. 4. That the capital stock of said company shall not exceed the sum of two million dollars, divided into shares of twenty-five dollars each, to be subscribed and paid in and the certificates therefor issued in such manner and upon such terms as the general board of directors shall elect.

SEC. 5. That said corporation shall enjoy succession for fifty years, by its corporate name, and shall possess all powers incident to corporations authorized by law. The business of the corporation shall be vested in and managed by a general board of directors of not less than seven nor more than fifteen in number, of whom the president for the time being shall be one; and the said general board of directors shall exercise all the powers of the corporators, and shall hold their sessions at the office of said corporation on the first Monday of every month. The president shall call special meetings of the board of directors by written notice to each one, stating the object of such meeting when requested to do so by written request of any two directors, stating the object of such meeting, and no other business but that so specified shall be legally transacted at such special meeting.

SEC. 6. That the board of general directors shall be elected from among such shareholders as hold twenty shares of the capital stock of said company, either in their own names or in the names of their wives or wards, and no person not possessing said qualifications shall be elected to or serve as a general director of said company. The qualified electors for said general directors shall consist of all persons who hold ten shares of the capital stock of said company; and for every ten shares held by any person, such person shall be en

titled to vote one vote at the annual election for general directors. Also, such persons as hold life policies from said company for the sum of five thousand dollars or more, shall be qualified thereby to cast one vote at the annual election for general directors, but no person nct qualified as aforesaid shall be entitled to vote for general directors. In all elections for general directors votes may be given by proxy, but no person shall vote on any shares of stock transferred within sixty days prior to the election. Members of the board of general directors shall in all cases be eligible for re election.

SEC. 7. That there shall be an annual election for the board of general directors on the first Monday after the first day of January of each year, at the office of the corporation, from the hours of ten A. M. to two P. M., by four of the general directors, appointed by the board to preside at, and manage said election. Notice thereof shall be given by order of the president, in one or more daily papers, published in the county of Galveston, during three weeks prior thereto; and the general directors, thus elected, shall hold office one year, or until their successors are elected and qualified. In case of failure to elect the board of general directors, cn the aforesaid regular day, then the president shall order another election fourteen days thereafter, due notice being given by advertisement in one daily paper one week prior thereto, and in case of a second failure, the old board of general directors shall serve another full term of one year, and until their successors are elected and qualified.

SEC. 8. That all elections of general directors shall be by ballot, and in all elections those persons receiving a plurality of votes of the qualified electors voting, shall be considered duly elected.

SEC. 9. That every vacancy in the board of general directors, caused by resignation, death, or otherwise, shall be filled by the board for the unexpired term of such vacancy. A quorum of five general directors, besides the presiding officer, shall be requisite for the legal transaction of any business of the corporation; provided, that, if from any cause whatever, the number of general directors shall be reduced to less than five, then, in that case, three shall constitute a legal quorum, to fill vacancies in their board only. The president shall have a vote on all questions, and, in case of a tie, shall have a casting vote.

SEC. 10. That the board of general directors shall at their first meeting elect a president, who shall be elected from among themselves, and shall hold office for the time that he was elected a director, and until his successor is elected. He shall preside at all meetings of the board, and conduct the business of the company generally, under their supervision. The board may also elect a vice president from among themselves, who shall serve for the time he

was elected a director. In case of the absence of the president and vice president from a meeting of the board, they shall elect a president pro tempore to preside at such meeting. The board of general directors shall also elect a secretary and treasurer, and such other officers as the business of the company may require.

SEC. 11. That all of the general directors of said company shall be eligible to hold any office in the company, and any number of offices may be held by be held by one person that the board may elect until the business of the company shall require one person for each office. All officers of said company whose term of office has not been hereinbefore defined shall hold office during good behavior and capacity to fill such office; provided, that a majority of the directors shall have power and authority at any time to remove any officer of the company for cause.

SEC. 12. That the general board of directors shall have the general care and oversight of the business and interests of the company, and may make by-laws for their own government and for the management and regulation of the business of the company, and for regulating all elections. They shall have power, subject to the provisions of this charter, to create departments and agencies of the company, and to enter into contracts with the same, and with the individuals comprising them, to appoint and commission trustees, and to make rules and regulations for the management of the business of the departments and districts, and for directing the operations of boards of trustees and of trustees and agents. They shall also have the control and management of the home department. Said board shall have power to elect its own officers, who shall be the officers of the company, and to appoint general managers of the departments, and to fix the compensation of such officers and managers, and to enter into contracts for the company with agents and employés, and at any time to remove from office and position as trustees all officers and trustees who shall be guilty of conduct calculated to injure the company, and to elect others in their places. They shall also provide for and direct the investment and reinvestment of the funds and safe keeping of the moneys and securities and other property of the company. Said board may also delegate such powers and authority and impose such duties in addition to those mentioned in this charter as they may deem advisable upon the officers of the company; and in general may do and perform all other acts and things needful and necessary to be done and performed by said general board of directors in carrying out the objects and purposes, and in advancing the interests of said company.

SEC. 13. That when two thousand shares of the capital stock of the company are subscribed and paid up, said company is hereby