Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-08-01

ProoeeSfngse Of he Board Of Directors Of tie South.
en- PGeV6e RairOod. GS0Pfe1 March q. 1857.
AT msetiHg % The Bssrd OF Dlrecto . Of the South
err Paone Railroad Company, held in tue city OF New
Orleans, on the 21th March, 1881, tbs foli0UinE resolu.
u0lE and bylaws were unanimously adopted:
I. ResOlred, That the omoe q the Company shai
hereafter BE- kept IN the city Of New ORLEANS, where II
han r main Until the rosd Il hui.hed tbroagh Tgxas
and al The books, papers, etc., belonging 10. or apper
tsining % said Company, shs B. and th3 are hereby
directed 70 Be transmitted TO the Secretary a. New Or
.ears. The Secretary shall hereafter rrtide IN New Or
leans. This ts b take n e. - soon as $500 600 in cash
q the STOCK hereinafter authorized 10 be issued. shall be
?. RssoIUed, nat il should be deemed necessary 70
obtain a loan Or loans o. money. for buiidng The rad, or
any part thereof, the be1ds % the c mpany may be
issued tserefors said bonds TO Be secured By MORTGAGE on
the road. lands ofOther property Of The c mpany; md
that said property 50 mougsged shall alone b relied upon
for payment Of said bonds and thai thers shall b. no in-
iividuai liability on the stockhoders, WHISTLER Tor stock
suossribed Tor By them sr other liability
3. Resolved, Thai no other Eve per cent stock 90
Which s. pr shsre cniy shall Be- stipulated 20 be caIles
tor shsh ever h. issued. exoept the twelve millions here
insner Authorized butth Board o. Directors-tvo-ihirds
u he whals number o0ncurriug-msJ ID the Interest o.
the company req1ires u, issue STOCK upon which ten pr
M o. Eore shat Be called for said sfock 70 b paid
iOT IN suco Instruments a. ssid Directors nav require.
3 kesoivedl That the ioreg ing rs.oiuons are hereby
fedsr1 q Be- . part Of he co1tract Of suhscTipti0n on
which The Twelve miIliuns Of stock hereinafter mentioned.
a autEorir-d 70 D. issued. ?
S Resoieed, nat the bundinE Of fhis road 3 emil
ncnGF q nstoual euterprise. and that a. the road h 70 h
Constructed In he South. Il Is the desirs o. o. Fszrd
40 q : ATEe majority % the Etockhoidfrs. ns they BE-.
leTe, that ~ insnagpment and ooufrol should L. in
southern hAnds5 a. nearer and more especially in-srssted
N fhe psosecution q he gorks, and thst a maio, ftv a
the Directors should always be reEiderfs 81 ne s,1fh
Therstose the fcfoTtng b. law Is leleby adopiad.
Be IL enacted b. the Board Of Directors 81 ne southern
P1cinc ksllrosc Company, That thu msiaritv Of ne M
rocuts u ssti Company shall b. actual resIdents al n,
Sou3 efn States
6 Resefred. Thai twelve mIuions Of stocf Be. ana a,
herefy authorized 70 b. issued. Books for its suoscfufio0
may unless the stck Is Otherwise taken. b. opened -
fhe President may direct. on ard stock IS psr shz-e
shan only Be called for and paid, snd no ofher fasfaIimeut
faced said stock
J. Resolved, That the money paid 90 the foreeoine
tgffge Millions Of stock. Or other funds o. said COMPANY
shall be subject 10 thu order o. the President, for the pur-
pose q paving what D. dur b. the Company for iron
grading. debts. etc, snd fer csnstrBcting ana nnishing
sid fnsd. purchasing engines, cars, supplies. ETC.
g. Rfsolprd, That. whereas. the charter requires that
the f~irecturs q he road shall b siockholders. IS soon as
TIE ftock r. subsc1bed fer 70 the amount which WI pay
int the treasury q The Company $50 COO. and said
En0aint ie 30 paid n, four Dlyectors from the South shall
= selected trom ihe EtocthaiderE, % an he places of four
Ic4kern plrpcaFs-