Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-07-21

ProessdiAgs Of ne Board Of Directors Of me South
en- Pacific Railroad, adopted March q, 1857.
Al meeting o. the Board q Directors Of the ssuth-
ern Pacific Railroad Company. held in the city Of New
orleans, on he27th March, 1881, the following resolU-
tons and by-leTs were Unanimously sdopted;
I. EesoiUed, That the omce " the Company shal
hereafter Be kept In the city Of New Orleans, where It
shal remsin untu the road Il nnhhod through Iexas
aud all the bo8ks, papers. etc, belonging 10, OF appsr
tanning 10 said Company, STA b., and uey are hereby
directed 70 be transmitted 10 the Secretsv Al New or
ieans. TIE Secretary shan hereafter reside In New Or
leans. This is 70 take m ct IS soon a. S300.OO0 in cash
d NE stock hereinafter authorized 70 Be- issued. shall Be
subscribed and paid for.
2 Resolved, That u il should Be deensi necessary 70
obtain . loan or loans o. money FOR Building the road, or
any part thereof, the binds Of the Cmpany may Be
ISSUED therefori said bonds 20 b. secured BY mortgage on
the road, lands or other properly o. the Compauy and
Il shall forn = psTt Of tbs contract Of said loan Or loans
that said property % morgsged shan alone Be relied upon
for payment o. said bouds; and that there shall b. no in
dividuai liability on the st0ckholders, WHISTLER for ftock
subscribed Tor By then Or other liability.
9. Resolved, That no ofher Ave per cent stock on
Which IS per share cniy shall b. stipulated 20 be called
for shall ever be issued. exoept The twelve millions here
q he whole number e00curring-msy. y the interest Of
the csnpsny requires It, issue stOck upon which ten Per
cent. or 1ee shall be called fer said stock 70 b. paid
fo- IN such insteiuenis - said Directors may require.
4. RssolBed, That the foregoing Resolutions are hereby
declared 70 BE- . psri q the oontract Of subscription on
which thetvelve millions Of stock hereinafter mentioned,
S. Rssoived, Thsf the building Of this road !, emil
zenty a National enterprise, and hat IS the road Is % b.
III ~ - ANAN@f a. ~ IT. - ~ oAAIN
and Of . large majority o. the stockhoders, as they BE-
fieVe, that The management and control should be in
southern hands; - nearer and more especially int r-sted
10 the prosecution Of the works, and that a majority OF
The Dlrectors should always BE- residents q the south
Therefore The following b law l. hereby adopted;
Be 4 enacted D. The Board Of Directors Of the Southern
Pacific Ranrosd Company. Thas the majority Of The Df-
rectoIs Of saia Company shan Be actual residents o. The
Southern states.
s ResoIved. that twelve millions Of stock Be. and Is
hereby aufhorze1 10 Be issued. Books for its Subscription
may. uness tar SICK 4 etherwise taken - opened AZ
the President may direct On Ezid stock s. per share
shall onir be cald for and paid. ant 10 oiheF instanulcut
shall ever becsled Tor and fhis shan Be specified on the
face q said stncg-
7 Resolved. That,the money paid On the foregoing
Twelve millions 81 stock, or other frnds Of said Company
shall be subject 70 The order Of The President. for the mr.
pase Of psFing what Is due b the Company for iron
grading, debts, etc, sad for c1nsiructing zne finishing
said read. purchasing engines, ears, supplies. etc.
s. Resotpcf, That. whereas. he charter requires that
the directors Of the road shall b. stockholders. as soon a.
The stock Is subscribed for TO the amount which v n paw
into the treasury q TIE Company 500 900. and said
sm0unt Il 30 paid 81, four Directors from the South shall
- selected from the stockholders, 70 ~ the place. Of four
Rcrthern D~srerterr.