Section 2. The capital stock issued by the said Company shall not exceed one million dollars, to be divided into shares of such values and entitling the share holders thereof to vote in such manner as shall be prescribed by the by-laws of said company; the duration of which shall not exceed twenty years from the passage of this act.
Section 3. That the shareholders or corporators of the company, by this act incorporated, shall be liable for all debts and obligations of said company in the same manner and to the same extent as general partners are by law now liable.
Passed, September 1st, 1856.
Special Laws of the Sixth Legislature of the State of Texas passed at its adjourned session convened July 7, 1856 (Austin 1856) 216-217, in H.P.N. Gammel, The Laws of Texas, 1822-1897, Vol. IV (Austin, 1898), pp. 762-763.
CHAPTER 32
An Act amendatory of an act entitled an act to incorporate the European and American Colonization Society in Texas.
Section 1. Be it enacted by the Legislature of the State of Texas, That the third section of the above entitled act be so amended that the same shall hereafter read as follows: That the Shareholders or Corporators of the Company shall be liable for all debts and obligations of said Company, to the extent of the Capital Stock subscribed or owned by each.
Section 2. That this act take effect and be in force from and after its passage.
Approved, January 6th, 1858.
Special Laws of Seventh Legislature of the State of Texas (Austin, 1858), 26, ibid., p. 1204.