New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-08-07
(PUBLIC-No. 140.I

AN ACT to incorporate the United States
Freehold Land and Emigration Company,
and to confirm certain legislation IN Colo
RADIO Territory.
Be it enacted by the Senate anu House OF
Representatives of the United States OF
liam Gilpin. Ambrose E. Burnside. $. L. NJ.
Barlow, Charles A. Lambard, William ii.
REYNOLDS, Hiram Hitchcock, Henry w.
GRAY. Morton G. Fisher. and such other per
sens as may be associated with them and
their successors, are hereby created body
polite and corporate, in the Territories of
Colorado and New Mexico, by the name,
style. and title of the United States Free
hold Land and Emigration Company" and
by that name shall have succession, and
shall he able to sue and he sued, plead and
be impleaded defend and be defended, in
all proper courts Of law and equity, and
NAV make and have a common seal
Sec. 2. And be it further enacted, That
the capital stock Of the said corporation
shall be two and One-half millions OF dol
lars, divided into shares of one hundred
dollars each, and the same shall be deemed
to be personal property and transferable on
the books Of the company only, and such
capital stock may be increased from time to
time to the extent necessary to carry out
the objects for which said company is
formed. not exceeding III the whole the sum
of ten million dollars, upon vote OF two
thirds in amount of the stock for the time
being in favor Of such increase.
SEC. 3. And be it further enacted. That
the said company shall have power to make
such bylaws as it deems proper for the dis
position of its property and estate, and for
the management of its business and affairs.
for the regulation Of the term OF office OF
its officers and their duties. and to carry
out the general objects of the corporation.
and the same to amend or repeal at pleasure:
Provided, That such bylaws shall not con-
tiict with any law Of the United States, or OF
the Territories of Colorado and New Mexico.
or the States which may be formed therein.
SEC. 4. And be it further enacted. That
the corporators named in this act shall be
the directors for the first year from the or
ganzation of the company, and until others
are elected; and thereafter annual elections
of directors. not less than five nor more than
nine in number. shall be held by the stock
holders. at meetings to he called tor that
purpose at which each share of stock pres
ent in person or by proxy shall be entitled
to one vote, and the majority thereof shall
elect.
SEC. 5. And be it further enacted, That
the general objects of such corporation are,
and are hereby declared to be, as follows:
To promote and encourage emigration to
and establish settlements on the lands OF
said company in the San Louis Park. IN the
Territories Of Colorado and New Mexico,
and. in connection Herewith, to establish
such agencies as it may deem desirable; to
purchase. hold, lease, sell and mortgage any
real estate situate in the San Louis Park IN
said Territories, or either Of them, now
owned or contracted for by any OF the per
sons named in the first section OF this act,
with any co-tenant thereof, his or their
heirs or assigns: to survey, lay out and IN
prove the same; to establish, maintain and
operate wagon roads to and upon its prop
erty: to construct and maintain railroad
and telegraph line from any point on lands
of said company in the San Louis Park TO
the nearest and most practicable point on
either the Kansas Pacific railroad, the Union
Pacific railroad, the Denver Branch railroad
or the AtchisOn, Topeka and Santa Fe
railroad, and the said company, for the pur-
pose of building and operating such rail-
road, shall have the right of way through
the public lands Of the United States from
and between the points aforesaid. the said
right of way being to the extent OF two
hundred feet on each side OF said railroad
line: and such corporation shall possess all
the franchises necessary to enable 1t TO
build and operate such railroad for the
transportation of freight and passengers,
and to collect and receive compensation
therefor; and the powers, privileges, and
franchises conferred on corporations by
and under the provisions of chapter elgh-
teen of the revised statutes of Colorado Or
of any and all amendments thereto, are
hereby confirmed to and invested III SAID
corporation. subject to said statutes for the
purposes of this act: Provided, That this
act shall not be construed to permit SAID
company to acquire title to any other
lands or real estate than such as is above
mentioned.
Sec. 6. And be it further enacted, That
such corporation may make and dispose OF
its bonds or other obligations in such
amounts, at such rates, and on such terms as
it may deem most for its interest. Tor the
purpose of borrowing money for the pur-
poses aforesaid, and may secure the same
by mortgage upon all or any part of its
prcperty and all its franchises, and may
,, make the same and the interest theron pay,
able at such place or places as it may deem
proper. and may hold and transfer such
real estate aforesaid and personal property
as NAV be necessary for the carrying out OF
| its general purposes, and may issue Its stock
and bonds for property and again exchange
| its property for its bonds or stock, and may
convert any of its obligations, at the option
of the holders, into stock OF the company
| without further action of the stockholders.
| Sec. 7. And be it further enacted, That
| this act shall take effect Immediately, and
shall at all times be subject to amendment
| or repeal by Congress, and said corporation
| shall be subject to the general laws OF said
Territories, and the States formed therein
operating upon all corporations equally.
Approved, July 8, 1870. .
fPUBLIC REsoLUTIoN-No. 69.l
JOINT. RESOLUTION amendatory al