Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-07-17
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ProceedfEqf Of The BOcrd o( Director Of rae Sourh.
en Pacific RcilrO0d, adopted March =. is57.
Al q mosiiug % the Board % Directo . % the ssufh.
en Pseine ksiiroad CsnpHny. bed n TIE city u New
Hie1ns. On the27h Mzrch, 1901, the following rcsoiu-
tons and bylaws were unanimously Cd, pied
l. ResOived, That The unoe OF The Company shal
herezf er be krpt In The ciy Of NeE Orleans, where Il
-hal = main uallti tbe road s fubhud through Texas
AID all The bo5ts, papers, ets., belonsinE 10, or app =
tanning . said Company, sha D ard They are hereby
directed 70 he Transmitted b. the Secretary a. New Or
cans me Secretary shan hereafter rsfiie ia New Or
cans. 1hif Is - take q q a. soon IS $4,000 Ia cash
{ he stock hereinafter authorized 10 Be nsued. stall b.
subscribed and paid for.
2. Resofve6. mat II il should be deeass Necessary 10
obtain . loan Or iozns o. moaeY, for btiicing The rad, Or
any part Thereof The binds o. the C.mpzny may BE-
issued therefor; said bOn1s % b. secured b mortgage on
the road, lxBds or other property o. the Csmpauy and
that said properly - u0rtgaged shal alone b relied upon
for payment q said bonds and that there shah BE- no in
dividusl liability On TIE stockholders, WHISTLER for stook
subscribed tor b them o. other liability.
3 Received. That no other Eve per cent stock on
ahieh s. per sh4Te rnly shall Be stipulated 70 BE- called
Tor shzi ever be issued. except the twelve mili0us here
matter suthorized; but the Board o. Directors-Wo-fbirds
q the Whole number ooncurdag-may, II the interest o.
the company requires Il, issue siok upon which ten Der
oent. o. zcre shan be called fors sad SEEK 10 BE- pad
for in such insSl2ents A. said Diresfors may require
8 Resolved, 7bStf&e euEcug Resolutions are hereby
is authorized 70 Be- Issued.
5. kefOlUed, Thst the building q tits fssS : eui-
HentF nsuonAl entefprses and thst as the road Is y Be
Constructed % the South. & IS tha desirs OF the bad
aLa q q large uziority Of ne Gackhocers- As they BE-
licve, fat te msnzssmeni an1 ooEtrsl should b IN
southern hanasg a. EesreT and more especially Interested
N the prosecution Of tie sofks. and that 8 msjo iy Of
the Directors should aiU6ys T. residents 81 the Souuh-
fheTefo-e the following b. law Is baeby ziopted:
Belt enaoicd b. the eoard o. Directgrso ~ the Southern
Pscthc Esiroad Company. That the majority OF Inc nj
neetois Of said Company shall b actual residents Of the
Sou;kern States.
6 Reclred. That twelve millions II stock BE-. and 1
hereby autnoriledt to be lssucd- Books for its substitution
may unless the st nk Is Otherwise taken. be opened a.
ne President nay eirent. On tald stock IS per shsrt
shan only Be csird for snc paid, and no ofhsr inrtsllmeut
shah ever BE called fer, ana this shAil be specided oa the
faced said stock.
Z Resoleed, That the money paid on the foregoing
tweive millions OF STOCK. OF other finds Of said COMPANY
shah he suaiect 20 the order Of The President. for the uur-
Of paving what Is due ~ the Compsny for iron.
grading. debts, etcs srd for c2nstrHcting anc fnishinr
"a d rnad. purchasing engines, cars, srpples, etc
s. Retoired. That. whereas. fhe charter requires thai
he directors of The road sban b. Stockholders. as soon a.
he stock II subscribed FOR 10 the amount which " n paw
ato the treasury Of The Company ss00 coo. and said
mount IL 50 paid 10, four Directors from the South shan
= seiscssd from ths stockholders, % al tee7lsos ef tour
TsFfherp Dirscteft. j