Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1862-10-02

rectors at any time may be filled by the Presi'
dent OF the United States The directors TO be
appointed by the President shall not DO stock
holders in the Union Pacific Railroad Company.
The directors so chosen shall, as soon as may
be after their election, elect from their OWE num-
Der a president and vice president, and shall al
40 elect treasurer and secretary. No person
shall be director in said company unless he
shall be bona 6de cwner of at least five shares
Of stock in the said company, except the two di'
rectors to DO appointed by the President as atore
said Said company, at any regular meeting Of
the stockholders called for that purpose, shall
have power to make by laws, rules, and regula
tons as they shall deem needtul and proper,
touching the disposition of the stock, property,
estate and effects of the company not ineonsis.
tent herewith the transfer OF shares, the term OF
Office duties, and conduct of their officers and
servants and all matters whatsoever which may
appertain to the concerns Of said company and
the said board of directors shall have power TO
appoint such engineers, agents, and subordinates
as may from time 10 time be necessary 10 carry
into effect the object of this act and to do all
acts and things touching the location aud con
strLction of said road and telegraph said d.
rectors may require payment of subscriptions TO
the capital stock after due notice, at such times
and in such proportions as they shall deem nee
essary to complete the railroad and telegraph
within the time in this act prescribed, Said
president, vice president and directors shall hold
their office for three years, and until their sue
cessorS are daily elected and qualified, or tor
such less time as the by laws OF the corporation
may prescribe; and majority OF said directors
shall constitute quorum for the transaction OF
business. The secretary and treasurer snail give
such bonds with such security, as the SAID board
shall from time TO time require, and shall hold
their offices at the will and pleasure OF the di'
rectors Annual meetings OF the stockholders
Of the said corporation, for the choice of officers
(when they are to be chosen) and for the tran
saction of annual business shall be holden at
such time and place and upon such notice as
may be prescribed in the BY laws,
SEC, 2. And be il further enacted, That the
right Of way through the public lands be aud the
same is hereby granted to said company for the
construction eff said railroad and telegraph line
and the right, power and authority is hereby
given to said company to take from the public
lands adjacent TO the line of said road earth,
stone timber, and other materials tor The con-
suuction thereof; said right OF way IS granted
to said railroad TO the extent OF two hundred
feet in width on each side of said railroad where
It may pass over the public lands, including all
necessary grounds for stations, buildings, work
tracks II turntables, and water stations. The
United States shall extnguish as rapidly as may
be the Indian titles to all lands falling under the
operation Of this act and required for the said
right of way and grants hereinafter made.
~ SEC. s. And be It further enacted, That there
be and is hereby granted to the said company,
for the purpose of aiding in the construction 0 t
said railroad and telegraph line, and TO secure
the safe aud speedy tran portatiot OF the mails
troops, munitions Of war, and public stores
thereon, every alternate section of public land,
designated by odd numbers, to the amount of
five alternate sections per mile on each side of
said railroad, on the line thereof, ana within the
limits of ten mil eS on each side of said road, no
sold, reserved, or otherwise disposed of by the
United States, and to which pre- emption or
homestead claim may not have attached, at the
time the line of said road is definitely fixed ::
PROVIDED, That all mineral lands shall be ex
copied from the operation of this act but where
the same shall contain timber, the timber there.
on is hereby granted to said company. And all
such lands, so granted by this section, which
shalt not be sold or disposed of by said compa~
ny within three years after the entire road shall
have been com pleted shall be subject to settle
ment and pre- mption, like other lands, at a
price not exceeding on dollar and twenty-five
cects per acre, to be paid to said company.
SEC A. And be 1t further enacted That when
ever said company shall have completed forty
consecutive miles of any portion of said railroad
and telegraph line, ready for the service eontem
plated by this act, and supplied with all neeessa
ry drains culverts, vsducts, crossings, sidings,
bridges turnouts, watsrin places, depots, equip
ments, furniture and all ether sppurtenanees of
first class railroad the rails and all the other
iron used in the construction and equipment of
said road to be American manufacture of the
best quality, the President Of the United States
shall appoint three commissioners to examine
the same and report to him in relation there o !;
and il it shall appear to him that forty consecu-
tive miles of said railroad and telegraph line
have been completed and equipped in all re.
spects as required by this act then, upon certi6
cate of said commissioners to that effect, patents
shall issue conveying the right and title to said
lands to said company, on each side of the road
as far as the same is completed, to the amount
aforesaid; and patents shall in like manner is
sue as each forty miles Of said railroad aud tel.
egraph line are completed, upon certificate of
said commissioners. Any vacancies occurring
in said board of commissioners by DEATH resig.
nation or otherwise, shall be filled by the Presi,
dent of the United States Provided, hoUeuer,
That no such commissioners shall be appointed
by the President of the United States unless
tneT6 Snau DC presented 10 Hiin statement, YER
fled on oath by the President of said company,
that such forty miles have been completed, in
the manner required by this act, and setting
forth with certainty the poists where such forty
miles begin and where the same end; which
oath shall be taken before a judge of a court Of
record. ..yfeER
Sec. s. And be 1t further enacted, That for
the purposes herein mentioned the Secretary OF
the Treasury SHALL upon the certificate in writ
ing of said commissioners of the completion
and equipment of forty consecutive miles of said
railroad and telegraph, 10 accordance with the
provisions Of this act issue to said company
bonds of the United States Of one thousand dol
lars each, payable in thirty years after date,
bearing six per censum per aunum interest,
tsaid interest payable semi-annuay, j which in
terest may be paid in United States Treasury
notes or any other money or currency which the
United States have or shall declare lawful mon
ey and legal tender, to the amount Of sixteen
of said bonds per mile for such section of forty
miles; and to secure the repayment to the Unit.
ed States as hereinafter proyided of the amount