Article II. And whereas, by the laws of Texas it is understood that no person can hold lands in that country, unless they become citizens thereof; therefore to carry into effect the above object, the undersigned have appointed and constituted MR. JOHN PRICE, of Nashville and MR. WILLIAM S. WATTERSON, of Bedford county, Ten., their Agents and Trustees, which trust the said Price and Watterson, accept and undertake to perform, in evidence of which they hereby become parties to this compact.
Article III. Therefore, to carry the above object into complete effect it is agreed that the said Price and Watterson, as the agents of the above named company, are to proceed immediately to Texas, for the express purpose of making investments if practicable, near and adjoining the following Towns, viz: Velasco, Montagorda, Galveston, Harrisburg, &c., and the falls of the Brassos, and such other town sites, and such good lands as they may think would be a profitable investment.
Article IV. Secondly;-- After having accomplished the above object, they are to advise the company of every particular in relation thereto, and likewise of the probability of procuring lands by settling with emigrants, and otherwise, but not to make any purchases other than those already named, unless so advised by the company, which in such and event, will arrange the necessary means to meet the same, provided the stock can be sold to such an extent.
Article V. The said Price and Watterson are to procure citizenship in Texas, and one or both, (if the President and Directors think it necessary, ) shall reside there; the lands purchased are to be vested in said Price and Watterson, who are to hold them as Trustees of the company, until advantageous sales can be effected. None of the lands purchased are to be sold for two years, unless by consent of a majority of the company; and in that event the Directors are to give four months� notice in the public prints of Nashville and Texas, and to sell for cash or such an equivalent as they may deem proper.
Article VI. The agents are to make no purchases for themselves individually, or for any other person or persons. They are hereby declared express Trustees for the company, and all of their purchases, of every kind and description, are to enure to the to the benefit of the said company.
Article VII. For their services they are jointly to have one fourth part of all the Lands purchased by them for the said company, and the traveling and incidental expenses of the enterprise; and in the event of a sale of the lands above mentioned, they are to have jointly one fourth the proceeds thereof. However, should the said company desire a division of the lands purchased by the said Price and Watterson, they hereby obligate themselves to divide it into four parts according to what they may believe to be the value, giving to the company first, second and third choice thereof. If no investments are made, they are to return the fund, deducting therefrom their traveling and personal expenses.
Article VIII. It is stipulated, that the said Price and Watterson shall correspond with the said company, giving information of any investments that they would believe to be of advantage to the company; and they hereby covenant and agree with said company to carry the trust reposed in them into as complete effect as it is possible for them to do.
Article IX. The shares in this enterprise are one thousand dollars each, a certificate of which is to be signed by the President and Secretary, who shall receive on each share issued one dollar in addition, to be applied to the payment of books, stationery, &c. No certificate of stock to be issued until payment is made in cash or its equivalent. The sales of the stock may be effected by the President and Director of the company to the extent of one hundred thousand dollars, in the manner above mentioned.
Article X. Persons owning stock in said company to share in the profits or losses in proportion to the amount of stock owned by them respectively.
Article XI. There shall be a President and eight Directors who shall have the entire management of the interests of the said company, until the enterprise shall be finally closed, and likewise to fill any vacancy occasioned by death or otherwise.
Article XII. The operations of the company are not to be retarded by the death of any stockholder. The following persons have been appointed by us before the signing of this compact as officers of said company.
ROBERT WOODS, President and Treasurer, A.W. Johnson, E. Trabue, Geo. S. Yerger, John Yeatman, W.H. Moore, Thomas Washington, James Woods, and David Gillespie, all of Nashville, as Directors, and Patterson B. West as Secretary.
Aricle XIII. If there is fifty thousand dollars of the stock taken and invested, the agents and trustees are to refund to the company the one half of their traveling and personal expenses, and so in proportion to the amount of stock invested over that amount; and after the one half of the stock is thus invested, no charge is to be made for traveling or other personal expenses of the trustees in their trust into effect, or in closing the same; and if the whole stock is invested, they are to refund all their traveling and personal expenses.
Article XIV. No division or partition of the lands between the agents and company shall be make before the expiration of five ears unless order and agreed to by the President and Directors.
Article XV. When fifty thousand dollars of the stock is taken, the balance of the stock shall not be taken, unless so ordered by the Directors, in which event thirty days� notice shall be allowed for the Stockholders who own the fifty thousand, to take the balance if they wish it, in proportion to the amount before subscribed by each one, and to whom a preference shall be given; After which the balance, if any may be subscribed for by others; and any balances which is to be subscribed for by others, must be subscribed for at such advanced rate as may be directed by the Directors.
In witness whereof the agents and trustees and the members of this compact have hereunto signed their names and affixed their seals this the 13th day of March, 1837.
A true copy.
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