Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-06-21
Procse6lE0s Of ne Board Of Di-ecfofs Of fke South
n Poefc Ralroaa aEoaLea Marca 81. 1917

ProesedfE1s Of ne Board Of Director Of fke South.
en- Pacific RaiirOad, adopted March n, 1857.
AtA meeting Of ths Board Of Direoto : Of The South,
ern P4eihc Esdroad Company, held in the city Of New
I Orleans, au the 9Th March, 1881, the following res0ia.
uous and bylaws were unanimously sdlpted:
1. Rcsoipet, that The once Of The Compsny shal
I herearer b. kept IN the city q New Orleans, where q
shall r main until the rod Is nnbhec thrOuEh TeIas
and ell ths books, papers. ETC.. belonging 10, or arper
tanning 70 said ConipAiy SAL . and my are hereel
directed % b trsusmitted % the Seeretsy a. New Or
leans. TIE Secretary shah hereafter re,ide N New or,
leRas 1hh is 70 take % e 80 SON ss ssoo,ooo m ossl
Of ne stocf hereinafter aufhoTiz-d 70 b Issued, shnn b.
subscribed ard PAID for. .
2. Received, That H 4 should Be deems1 Necessary 4
obtain $ can or leans Of money. for building tbe rad, o.
4ny part thereof, thr bhcs % the G mpsny may b
iesued therefor said bo1ds 10 be secured By mortgage "a
thr road. lands or oth-r property o. the O.m9anyi snt
! fhst safd uropcrv 80 ulorfEnged shah alone Be relied upuI
l for payment % said bonds and that there shell Be- no in
dividuzI liability on the stockhoideTs. WHISTLER for stoca
s~Hhsrrihef for By them or other liability.
, Resolued. That no other ass per cent stock On
shieh IS pr fhaFe MY shah b stipulated 10 be called
/ ro- - ever b. fsEud. exc-p t the twelve millions here
insrer authorized; bat th- p isrdo o. restors-two-ihiEds
~ the whole nuu5er coacurrins-may " The interest Of
the cUnpsny requires i, issue stock upon witch Ten Pei
rn:. or more shall be called for; said stcct 70 Be- psn
Tor IL snch instain.ris a. said Directors may require
4 ResOlrcf That the foreg ing resolutious are hereby
aeclHrea 10 b. . part Of The contract Of subsonqtien on
which the Twelve millions Of stock herefnhfter mrnlonepi
is sufharizrd 70 be ISSUED
nrrtiv 4 national enterprise. and that e. the read . % b.
LIL ~ an ~ 90
and Of a larEe majority Of de styckhodsrs, as thsy Be-
iirvr. that The mznzgsmenf and control Sboaf Dc IN
Southern hands ! a. nesser and more esptciany Interested
IN m prosecution Of fhe wofks, and hat q majority 81
ne Directors should aiusys % ~residenft ~ the south
Th-rrfore the 81 owinr-5si law l. hfiroy saoptea:
he Il enacted By The Bosrd Of Direciors q the S0uth-rn
Parac Raarosd Compsuy. That the mslofity Of tbe Dr
rsaoss o ~ Company shaii Be actual residents Of The
1outhf1n Stsfes.
s Res0fue1 That Twelve millions - stock b, and T.
b-rvby suthorirrd 70 be issrsd- Books for its subsq irtiou
nav unirss The s. a IS Otherwise taken be opened as
he Presftent may direct on aid stock IS per share
shsn ONLY b called for and paid, snd no Oiher instaiim,n u
shan ever ee called fer, ana this shall be speesfrc &c the
face OF sid st0rk.
: Rssolpez. mat tst noasy paid On The foreroiug
twelve nirnnk Of stock. o. ether funds OF said Company
shall b suo5cct % I'M order OF The Pr~siieni. for he par
, - q peFios Ehst q due By the Company Tor iror
grazing debts &c Eae for r,ns4runtinE and finishing
zst rad. uurchszine engines, cars, ruppaes &c
= Rooirtd That rherees-tbe charter requires hat
The d~ireStoFs 81 - 81 Edt b-kfackhoidcrB a. srun -
tue stock IS s~roscgibed cor e the anourt p1ice " Il paF
lnto The treasury a the Company 61oe 90 and said
srnounr 8 so7zid n ferr DirecafB fees the 6sufh shtli
selefed frem tie st5uhA0lsrs, e ~ thr Psscsse y huE
Esfheu Dircsiors. 2