The weekly Mississippian. [volume] (Jackson, Miss.) 1859-1864, 1860-02-22
LAWS OF MISSISSIPPI.
(BY AUTHoR ITY.)
Public No. ISL

Public No. 35.
AN ACT to provide for the trGlstT Of tie
stock of the State of MISSISSIPPI, in the Nsw
Orleans, Jackson, and Great Northern Raj
Road, the Mississippi Central Rail Road.
and the Mobile and Ohio Rail Road, to n
Gulf and Ship Island Rail Rail Compan,
SECTION /. Be it enacted by the LegisIl.
ture Of the State of Mississippi, That the fAh
section Of an act entitled an act to aid in he
construction of the New Orleans, jackson and
Great Notthern Railroad, approved March 2nt
1854. be and the same is hereby repealed al
so soon as the individual subscription to stoa
in the Gulf and Ship Island Railroad 81
amount to the sum Of five hundred thot
dollars, in reliable subscription, and whe
hundred thousand dollars of such stock sd
scribed shall be paid, the stock Of the State
Mississippi, purchased by the money belonging
to the Internal improvement Fund, in Ii,
Mississippi Central Rail Road Company, ID
Mobile and Ohio Rail Road Company, and u,
New Orleans, jackson and Great Northen
Rail Road Company, shall vest in, and becomt
the property of the Gulf and Ship Island Ra1
Road Company, and it shall be the duty, and
the Governor of the State, is hereby author
lied and empowered to transfer the certificates
of said stock in the two first named Railrued
COMPANIES and deliver the same to the Pres.
dent of said Gulf and Ship Island Railruad
Company. And on the first day Of May A.
d. 1862, the Governor shall transfer and de-
liver to the President Of said Gulf and Ship
Island Railroad Company the certificates Of
stock held by the State in said New Orleans,
jackson and Great Northern Railroad Com
pany, and until such transfer is made the
Governor of the State may, and he is hereby
authorized to vote on the said stock as hereto
fore: PROVIDED that the Gulf and Ship Island
Railroad Company shall accept the provisions
of this act, and shall cause to be issued to the
State of Mississippi certificates Of stock in said
Company equal in amount to the aggregate
amount of such stock when so transferred,
which certificates shall be delivered to the
Treasurer of the State, and be by him filed
in his office, and held as q part Of the internal
improvement Fund of the State Of Mississippi
Sec, 2. Be it further enacted, That the
said certificates of stock so issued to the State
shall vest in the State the right to demand and
receive all dividends which may be declared
in the stock of said Company as other stock
hnlderg. and after the transfer of said certifi-
Gates of stock in the several Railroad Com
panies aforesaid shall vest in said Gulf and
Ship Island Railroad Company, the right to de-
mand and receive all dividends which shall be
declared thereon by said Companies aforesaid,
and said Gulf& Ship Island Railroad Company
shall have full power and authority to sell the
same or any part thereof at discount of not
more than twenty five per cent on its nominal
par value, and may mortgage or hypothesis
the same at not less than seventy-fve perce
tum upon its nominal par value, and the pro
ceeds Of such sale, mortgage or hypothecat0n,
shall be faithfully applied to the constructed
of said Gulf and Ship Island Railroad.
SEC. 8. Be it further enacted, That II
every share of stock subscribed and paid for
by the State, under the provisions Of this act
in the said Gulf and Ship Island Railroad, The
Governor of the State, jointly with the Aud
tor of Public Accounts, Secretary of State
State Treasurer and Attorney Genera, shall
cast the vote of the State, either in person u
by proxy, upon its stock subscribed in said
Company. And in case they are not unani- 4
nous in agreeing upon the proper persons 70 /
vote for directors Of said Company, or upon
any other question that the stockholders may
be called to vote upon, a majority of them
shall cast the vote of the State upon said
stock, they may at their discretion also On
conjunction with the Directors of said Com
pany, cause additional surveys to be made
with strict scrutiny in order that the Southern
and Northern Termini of said road may be
fixed at the most practicable points. But
whenever the amount Of stock held by private
individuals in said Company, shall exceed, br
one third the amount of stock held by tAe>
State, it shall be lawful for the Legislature
hereafter to provide that the State shall not
have any vote in the election of Directors, or
in any meeting Of the stockholders, but may
appoint in such q mode as the Legislature
may indicate, not less than three, nor more
than hive of the number Of the Directors-the
rest to be elected by the private stockholders
as now provided by this Charter.
SEC. 4. Be it further enacted, That until
the sale OF the stock herein transferred to the
Gulf and Ship Island Railroad Company, by
sand Company, the Governor shall cast the
vote upon said stock in all meetings Of the
in said New Orleans, jackson
and Great Northern Railroad Company, the
Mobile and Ohio Railroad Company, and the
mississippi Central Railroad Company, as now
Approved Feb. 9th. 1860