The Corporation was to have five Trustees as the Board of Trustees for the first year, with the five being named as Valintine Wiess, Edward L. Wilson, A.S. John, H.W. Smith and John L. Keith. The Corporation issued capital stock in the amount of ten thousand dollars, divided into four hundred shares of twenty-five dollars each. This Charter application was signed by E.L. Wilson, A.S John and V. Wiess. The Charter was approved by the Texas Secretary of State, August 3, 1887. The Trustees of the Company then went back to their friend William McFaddin to purchase an additional thirteen acres needed to start what is now known as Magnolia Cemetery.
In the years 1903 through 1906 the Corporation repurchased the stock sold, and began to operate as a Non Profit Organization. Then, under the leadership of V. Wiess, John N. Gilbert, P.H. Wiess, J.L. Keith and W.P.H. McFaddin, an amended charter was recorded May 9, 1924. The new charter states that the Corporation shall have no capital stock. Members of said Cemetery Corporation and stockholders therein shall have no financial interest in the assets of said Corporation. No dividend of any character shall ever be declared for the benefit of the members or stockholders. All income shall be used exclusively for the maintenance, upkeep, and improvements of the property and the purchase and improvement of additional property as required. As the years have passed Magnolia has continued to expand through land acquisitions from houses, schools, churches and one steel mill to meet the community’s needs. Today here at Magnolia we are still governed by a prominent board though their titles have changed from trustees to directors.