The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-10-16
ITO be continued
CHAP. CXX

An Act to aid in the Construction of Railroad
and Telegraph Line from the Missouri River to
the Pacific Ocean, and to secure to the Govern
ment the Use of the same for Postal, Military,
and other Purposes.
Be it enacted by the Senate and House of Re-
presentatives of the United States of America in
Congress assembled, That Walter S. Burgess,
William z. Bodget, Benjamin II. Cheever, Char
les Fosdick Fletcher, of Rhode Island; Augustus
company, not inconsistent herewith the tran
ser of shares the term of Office, duties, and
duct 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 20 appoint such engineers, d
gents, and subordinates as may from time to time
be necessary TO carry into effect the objct OF this
act, and to do all acts and things touching the To-
cation and construction of said road and tele-
graph Said directors may require payment of
subscriptions to the capital stock, after due no.
tice, at such times and in such proportions
they shall deem necessary to complete the rail-
road 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 successors duly elected and
qualified, or for such less time the bylaws of
the corporation may prescribe; and a majority of
said directors shall constitute a quorum tor the
transaction of business. The secretary and trea-
surer shall give such bonds, with such security,
the said board shall from time to time require,
and shall hold their offices the will and plea
of the directors. Annual meetings of the
stockholders of the said corporation, for the
choice of officers (when they to be chosen)
and for the transaction of annual business, shall
ln-
1nissioners and the officers previously appointed
by them shall cease aud determine forever and
thereafter the stockholders shall constitute sa d
body polite and corporate AT the time of the
first and each tricnnial election OF directors by
the stockholders two additional directors shall
be appointed by the President of the United
States, who shall act with the body of directors,
and TO be denominated directors on the part of
the government; any vacancy happening in the
government directors at any time may be filled by
the President of the United States. The direc-
tors to be appointed by the President shall not
be stockholders i'll the Union Pacific Railroad
Company. The directors SO chosen shall, as soon
as may be after their election, elect from their
election, elect from their own number president
and vice-prcsident, and shall also elect treasu-
rer and secretary. No person shall be q director
in said company unless he shall be bona fide
owner of at least five shares of stock in the said
company, except the two directors to be appoint
cd by the President aforesaid Said company,
ut any regular meeting of the stockholders called
for thai purpose, shall have power to make by
laws, rules, and regulations as they shall deem
nccdful and proper, touching the disposition of
the stock, property, estate, and effects of the
require from said treasurer such bonds may be
deemed proper, and may from time to time in
crease the amount thereof as they may deem pro-
per. 1t shall be duty of said board of commits
sioners to open books, or cause books to be open
ed, at such times and in such principal cities in
the United States they or quorum of them
shall determine to receive subscriptions to the
capital stock OF said corporation and a cash pay
ment OF ten per centum on all subscriptions, and
to receipt therefor. So soon two thousand
shares shall be in good taith subscribed for,
IN
the treasury of the company, the said president
and secretary of said board of commissioners
shall appoint time and place for the first meet
ing of the Subscribers to the stock OF said cOmpa-
n.y. and shall give notice thereof in at least one
newspaper in each State in which subscription
books have been opened at leaststhirty days pre-
Vious to the day OF meeting, and such subscribers
shall attend the meeting SO called, either in
person by proxy, shall then and there elect by
ballot not less than thirteen directors for said cor
poraton; and i'll such election each share OF said
capital shall entitle the owner thereof to vote
Tne president and secretary OF the board of COM
luissioners shall act inspectors of said election
and shall certify under their hands the names of
directors elected at said meeting; and the
said commissioners treasurer and secretary shall
deliver to said directors all the proper
ties, subscription books and other books in their
and terms hereinafter provided, and is hereby
vested with all the powers, privileges, and inmu
mites necessary to carry into effect the purposes
of this act herein set forth The capital stock
of said company shall consist of one hundred
thousand shares of one thousand dollars each,
which shall be subscribed for and held in not
company shall file their assent to this act, under
the seal of said company, in the Department of
the Interior within year after the passage of
this act and shall complete said railroad and te-
legraph from the point of beginning as herein pro
vided, to the western boundary OF Nevada Terri |
tory before the first day of July, one thousand
eight hundred and seventy-four Provided, That |
within two years after the passage of this act said
company shall designate the general route of said
road, near may be, and shall file a map OF
the same in the Department of the Interior,
whereupon the Secretary of the Interior shall
mated route routes to be withdrawn from pre- |
embtion, private entry and sale; and when any |
portion of said route shall be finally located the
Secretary of the Interior shall the said lands
hereinbefore granted to be surveyed and set off as
fast as may be necessary for the purposes herein |
nection of the main trunk with the eastern con- I
nections it shall be fixed at the most practicable
point for the construction of the Iowa and Misso-
uri branches, as hereinafter provided.
TO BE CONTINUED.