Articles of Association. (continued)
From "Selma; Her Institutions, and Her Men" by John Hardy, pub. 1879:
Articles of Association. (continued)
18th. The Company shall not issue or circulate at any time notes or bills or create or make any liabilities or responsibilities upon the company for an amount exceeding the valuation of the Real Estate upon which they may have or hold Deeds of Trust in the manner before mentioned.
19th. In case the Real Estate of each member upon which the Company have or hold Deeds of Trusty in the manner before stated, shall not be sufficient to meet his or her proportion of the losses of the Company, in case said Company shall meet with losses, than said members and each of them shall contribute out of their private funds and estate in proportion to the amount of stock subscribed by each a sufficient amount to equalize the losses among the different members, in proportion the their different amount of stock.
20th. The Real Estate mad over to said Company by Deed of Trust, as aforesaid, shall be valued in such manner as shall be agreed upon and directed by said Company every five years or oftener at the discretion of the Company; and if the Real Estate of each or either member of said Company shall have declined in value since the previous valuation, than the stock of said member shall be reduced in proportion as said Real Estate has declined, or if value of said Real Estate shall have increased, then the stock of said member shall be increased in the same proportion, if said member desires it; provided said increase of stock shall not exceed the limit of the capital stock of the Company. The original valuation of property shall be considered as temporary, for the purpose of organizing the Company; and the Stockholders, at their first General Meeting in the year 1839, shall appoint three Commissioners, one of whom shall reside in each of the counties in which the largest quantity of stock may be; and the said commissioners shall proceed in a reasonable time there after to examine an d value all the lands which may have been deeded to the Company, at a fair and equitable valuation, taking into view the quality of the said land and all its local advantages and disadvantages; and on the first of July, thereafter, the stock of each Stockholder shall be increased or diminished as the case may require, to correspond with such valuation; and no dividend shall be declared on the stock until the revised valuation of the lands above named shall have been made.
21st. The Company may receive deposits of money and pay out the same in such manner as the General Board of Directors may direct in their by-laws.
22nd. No member signing these Articles of Association shall be entitled to any of the privileges of said Company under this agreement, until he or she has made executed his or her Deed of Trust in accordance with the Articles of Association within ninety day after the signing thereof.
23rd. All Deeds of Trust shall be made to the Trustees for the time being and their successors in office. In case a vacancy happens in the Board of Trustees by death, resignation, or otherwise, of one or more of the members the remaining member or members shall continue to perform the duties of the Board, until others are appointed--and an extra meeting of the stockholders may be called for with to fill such vacancy And the Trustees shall be elected at a meeting of the stockholders, where not less than two-thirds of the stock shall be represented, and a certificate or Commission signed by the President and Cashier of the Company, stating the names and residence of the newly elected Trustee or Trustees, with his or their endorsements thereon, signifying their acceptance of the appointment, shall be recorded in the office of the Clerk of the County of Dallas.
And for the propose of perfecting each and every of the obligations, in the forgoing articles specified. Each member doth hereunto subscribe his or her hand and affix his or her seal.
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