The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1867-03-27
IoFTIoIAL.I
LAWS or YHE UNITED STATES,
IoFrIcIAL.
Passed at The First Session ofhe 1airty-NInh
Congress.

Sec. s. And be 1t further enacted, That each
anc every grant, right, and privilege herein
are 80 made and given 10 and accepted by said
Atlantic and Pacific Railroad Company, upon
and subject to the following conditions, name
| ly: Tina. the said company shall commence the
work on said road within two years from the
approval of this act by the President and shall
complete not less than fifty miles per year after
the second year, and shall construct, equip,
furnish, and complete the main line of the
whole-foad by the fourth day Of July, ammo
Domlnieightecn hundred and seyenty-elght.
Sec. 0. And be it further enacted, That the
United States make the several conditional
grants herein, and that the said Atlantic and
Pacific Rnilroad Company accept the same,
upon the further condition that II the said
company make any breach Of the conditions
hereof and allow the same TO continue for up
wards Of one year, then, In such case, at any
time hereafter, the United States may do any
and all acts and things which may be neces-
sary to insure speedy completion Of the said
road.
Sec. 10. And be 1t further enacted, That all
people the United States shall have the right
to subscribe 10 the stock Of the Atlantic and
Pacific RAILROAD Company until the whole
capital named IN this act Of incorporation Is
taken up by complying with the terms Of sub
scriptlon.
See. II. And be IL further enacted, That
said Atlantic and Pacific Railroad, or any part
thereof, shall be o post route and military
road, subject to the use Of the United States
for postal, military, naval, and all other gov
ernnient service, and also subject to such regu-
lations rs Congress may impose restricting the
charges for such government transportation.
See. IL. And be 1t further enacted, That the
acceptance Of the terms, conditions and impo-
sitions of this act by the said Atlantic and
Pacific Railroad Company shall be sgnifed
In writing under the corporate seal of said
IIIlN pXnpIfip1 10 The
direction Of its board of directors first had and
obtained, which acceptance shall be made
within two years after the passage Of this act,
and not afterwards, and shall be deposited in
the Office of the Secretary Of the Interior.
Sec. 10. And be it further enacted, That the
directors Of said company shall make and pub
lish an annual report Of their proceedings and
expenditures, verified by the aftidayHs of the
president and Mt least six Of the directors, a
copy Of which shall be deposited In the office
of said Secretary Of the Interior, and they
shall, from time to time, fix, determine, and
regulate the fares, tolls, and charges to be re-
ceived and paid for transportation Of persons
and property on said road, or any part thereof
Sec. IA. And be it further enacted, That the
directors chosen in pursuance Of the first sec-
ton of this act shall, so soon as may be after
their election, elect from their own number q
president and vice-president; and said board
of directors shall, from time to time, and so
soon as may be after their election, choose
treasurer and secretary, who shall hold their
offices at the will and pleasure Of the board of
directors. The treasurer and secretary shall
give such bonds, with such security as the
said board from time to time may require.
The secretary shall, before entering upon his
duty, be sworn to the faithful discharge there
of and said oath shall be made matter of
record upon the books of said corporation.
No person shall be director Of said company
unless he shall be a stakeholder, and qualified
to vote for directors at the election at which he
shall be chosen.
Sec 10. And be it further enacted, That the
president, vce-presidcnt, and directors shall
hold their offices for the period indicated in
the bylaws Of said company, not exceeding
three years. respectively, and until others are
chosen in their place, and qualified. In case it
shall SO happen that an election of directors |
shall not be made on any day appointed by the
bylaws of said company, the corporation shall |
not for that excuse be deemed to be dissolved,
but such election may be holden on any day |
which shall be appointed by the directors. The
directors, of whom seven, including the presi- |
lent, shall be a quorum for the transaction of |
business, shall have full power to make and |
prescribe such bylaws, rules, and regulations |
rs they shall deem needful and proper touch
ng the disposition and management Of the
stock, property, estate, and effects of the COM
)any, she transfer Of shares, the duties and
conduct of their officers and servants touching
he election and meeting of the directors, and |
o the concerns of said company; and the said
board of directors may have full power to fill
my vacancy or vacancies that may occur from
my cause OF causes from time to time in their
aid board. And the said board of directors
hall have power to appoint such engineers,
c6pS99o ahd Is ID acts S ana 1 thnr %
Dad. - ~"
Sec. 16. And be it further enacted, That II
nall be lawful for the directors Of said COM
any 70 require payment of the sum of ten
ef centum cash assessment upon all subscribe
ions received of all subscribers, and the
alance thereof at such times and in such pro-
oftlons and on such conditions as they shall
eenl 10 be necessary to complete the said road | ,
nd telegraph lines within the time in this act
fescrlbed: Sixty days previous notice shall
given OF the payments required, and Of the
me and place Of payment, by publishing a
'tice once q week in one daily newspaper in
81 81 q the cities Of Boston, New York, Cincn-
vi, saint Louis, Memphis, and Nashville, and
case any stakeholder shall neglect or refuse ,
pay, i'll pursuance Of such n tice, the stock
"a by such person shall be forfeited absolute q
70 The use OF the company, and also any I II
yment or payments that shall have been '
ide on account thereof, subject to the condi- ~
N that the board of directors NAV allow tho ~
iemptlon on such Germs as they may pre-
'ibe ' ~
Sec. II. And be it further enacted, That the
d company is authorized'to accept to its own
my grant, donation, loan, power, franchise,
, or assistance which may be granted to or
llerred on said company by the Congress of
. pnlted States, by the legislature of any
te' OF by any corporation, person or persons, y
by any Indian tIfbeor nation through whose 7
erVaUlon the road herein provided for may by
$; and said corporation is authorized To sis
d and enjoy any such grant. donation, loan of.
yer, franchise, aid, or assistance of its own sal
Tor the purpose aforesaid: Provided, That TO
such grant or donation, power, aid, or as tht
ance from any Indian tribe or nation shall Ma
Iuo!ect to the approval of the President of
e. Is. And be it further enacted, That the -
thern Pacific Railroad, Il company incorpo-
d under the laws Of the State of California.
ereDy authorized to connect with the said a
lntlc and Pacific Railroad, formed under ~
act, at such point, near the boundary line ~. ~
he State Of California, as they shall deem NJ
suitable for railroad line to San Fran ~.
}, and shall have a uniform gauge and rate ~
eight or fare with said road; and in con- i" p
anon thereof, TO aid in its construction, =
have similar grants of faud. subject N "A;
he conditions and limitations herein nro- N
4, and shall be required to construct it, -
ON the like regulations, as 10 time md III
ler with the Atlantic and Pacific Railroad
n provided for.
!. 49, Andfbe it further enacted. That nm.
the said Atlantic and Pacific Railroad
lanv shall obtain bona fide subscriptions
STOCK Of said company to the amount of
million OF dollars, with ten per centum
within two years after the passage of
approval Of this act, it shall be null and
to accomplish the object Of th ha' a .ao BET.
y, TO promote the public interest and
re by the construction Of said railroad
line, and keeping the same i'm LAI
ng order, and to secure to the goyern- FRI
az. all times, but particularly in time Of PIE
lq ca far. Il |
ry, and otherpurposes, Congress NAV. AZ r.
ine, having due regard for the rights of Ik1I
Auanflc and Pacific Railroad Company. h.
alter, amend, or repeal this act.
". And be 1t further enacted, That lkf