Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-07-18
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en- Pdctc Railroad. ddopfec March a, 1851.
mesiiag OF ne Bosrd Of Dirsoio 8 o. the South.
Z eun Pacific RaurC1d CzIapsny. bid 10 ne city % Mes
Hlesns, on IN 27th AaTchs 1897, TIE following Tes0iu-
ions and bylaws Ecre unanimously I'D, pied:
l. Ruotted. Tbet TIE c6oe Of he Company shall
I hereaf e. be Kept in the city Of Neu OhesEs. where If
shan r,main Gnll the road h nu-hsd through Texas
and all The books, papers. &c, teoagins 20, or app r
directed - b. Transmitted 70 the Secretary o. New Or
cans. me Secretary shan beresrzr resi8e 10 New or
szns. Jhif Il 30 take r. Ct ss soon Is $500 COO IN cash
Z the STOCK hereinafter auIhoTized 70 BE- issued. shall b.
subscribed and paid for.
2. Received, That IL il should b seeme1 NECESSARY 70
abtzin . lean or loans o. money. for building Tie rad, Or
any part thereof the blnss q the c mpAny nay Be
issued therefor; said bonds % be secured By mortgage on
the road. lanes or other property Ct the Csmpsnyi and
that said property 50 mOdgsged shan alone be relied upon
for payment q ssid bonds; and that there shah Be no in
dividual liabuity On the Stockholders, whsfher for stoch
subscribed Ior By them or other liability.
3 ReofUed. That no other hvs per cent stock On
shch $ per share enly shall Be stIpuated 20 be called
for shall ever be ISSUED. excspt the twelve milions here
inaftef sutbOrizcd; but the Beard Of Direcior-tvo-thirds
u the whole uulbeT concurTiug-msy. ~ The Interest q
the Company requires Il, iEEue stOcE upon which ten pf
cent. or more sban be called Tor; said stock 70 Be psId
Tor IN such snsialmenis as said Directors nay require
{ Resofged, That the foregt ing resolutions are hereby
declared 70 y . pSr 81 he contract OF subscription on
Ehich fhe twelve millions Of stock hereinafter mentioned.
Is authorized 10 be issued.
s. Rssolsed, That the building o. this road is emf
nently q rational enterprise. and that A. the road i 70 Be
oonstructed "a he S0uth, it j. the desire q the Board
aud o. = lsrEe msi1ity o. ne stuekhoders. as thy BE-
HNHEn AAaN| nc JILL" - - AAAANWA "LNlNA LE 10
southern hands; - nsA-er and more especially Interested
In the prosecrfiCn o. the werkf, and thst ! maiof iy Of
The Directors ehorld ainass b residents q The soush.
Therefore the following Be- law Is hereby sdopted;
Be il enacted bT the Rozrd % Directors 81 TIE Southern
Pacific Rail1nad Company, That The msicrity o the III
recioss Of Gid Company shall Be- actual RESIDENTS Of the
Ss1ft en- States.
g Rffoirfd. TaattEClve millions 81 stock BE-. snd 5
1erGf4EfhoFi1td 70 BE- issued. Books for its subscription
nay Hrless ne 81 ck is Otherwise taken- Be opened e
she PAesl5ent may direct. On saId stock IS per share
shan o1iy B. called Tor and paid, and no other insfaIimeni
shall eve Be called for, and this shall Be speeisod OG the
faoeo Of ssAt stogk-
:. Res0hred. That the noney paid On The foregoing
tveivs milcnr q stok. Or other fards o. said Company
shall be<1tA- - ne or5er Of The Presi1enf, for The pur-
pese Of paglna wbat b. due b. The Company for iron.
gradinU. orb eAefcs sd for c5nsirsctlrg and finishing
ssd rash Durch41tg engines, cars. supDirs, etc.
S. Resoiued, NJ whereas the charter requires that
The directors Of ne rozd shall b stockholders. as soon a.
The stock Is subscrited for 70 the amount which v II paw
into the treasu7 X fhe Company e1U6 Oeo. and SAD
amount Il 50 PAID IN. fcur Directors from the South shan
~ selected from ne g khsldsrs, 70 al ne places e f0ur
aorthern pH4Nr