New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-09-16

w. T. Walters, ]. B. Brownlow, T. A. Nor
Fls, Gwen fuller, J. 81. Ledlie. r. NJ. Bishop,
Samuel Craighead, D. N. Stanton. An
Sustns 3; WHITING, &; 4; Johnston; J; w.
". Bolton. H. Robinson, George Nancy,
loe, 8. @. Barney. Cyrus Buesey, j. w
Forney, J. Lockwood, EN-. Davis. N. Pat
ton, w. Flanagan, G. O'Brien, G. P. Buel,
g. II. Gliding, j. j. Newell, E. w. Rice, 4.
n. Shoemaker, Samuel Sloan, 5. w. Morton,
]. B. Bowman, L. u. EOurnOy. j. j. Kinds.
9. r. Weeks, j. T. Ludeling, B. c. Gilbert,
B. D. Williams, Thomas OlcOtt. G. A. Eos
Sprague, L. r. Marsh, A. w. Beckwith, j.
c. Stanton, Cyrus II. Baldwin, A. j. Hamil-
ton, Rush r. Sloan, Silas c. Colgrove, Sam
mel D. Jones, N. H. Decker, William N.
Leet, F. E. Allen, j. B. Chavee, Augustus
Kountze, John N. Goodwin, William $.
Rosecrans, Michael Hahn, H. c. Warmoth,
J. s. Williams, g. u. Spencer, L. J. Highly,
w. C. Kimball and all such persons as shall
OF may be associated with them, and their
tic and corporate in fact and in law, by the
name, style, and title Of the Texas Pacific
Railroad Company, and BY that name shall
have perpetual succession, and shall be able
to sue and be sued, plead and be implicated,
defend and be defended, in all courts of
law and equity within the United States,
and may make and. use . common seal; and
the said corporation is hereby author
lied and do,. empowered to lay out,
and enjoy continuous railroad and tele-
graph line, with the appurtenances from
point at or near Marshall, county Of Har-
rison, State Of Texas; thence by the most
direct and eligible route. to be determined
by said company, near the thirty-secon6
parallel of north latitude, to a point at or
near Fl Paso; thence BY the most direct
and eligible route, to be selected by said
company, through New Mexico and Ari-
near the southeastern boundary Of the
State Of California; thence by the most
direct and eligible route to San Diego, Cali
forniA, to ships channel, in the bay of San
Diego, in the State of California. pursuing
in the location thereof, as near as may be,
the thirty-second parallel of north latitude,
and Is hereby vested with all the powers.
privileges and immunities necessary to carry
into effect the pur (poJ ses OF this act.
first section Of this act shall constitute a
board Of commissioners twenty Of whom
shall constitute . quorum Tor the tIansac-
ton OF business), to be known as the Texas
Pacific Railroad Commissioners. who shall
meet in the city Of New York within ninety
days after the passage Of this act, at time
to be designated in q notice to be signed
by the person first named in the list of
cOrporators and ak of his associates, and to
be published for two weeks in, at least. one
daily paper in New York, New Orleans and
Washington and, when so met. they may
cause books to be opened for the subscrip-
ton of the capital stock Of said company.
and when twenty thousand shares. amount
ing to two millions Of dollars, shall have
been subscribed, and - ten per centum
actually paid thereon. in money, to the
treasurer, to be elected BY said commits
sioners who shall give bond Tor its safe
keeping and payment to the treasurer Of
the company when organized, then it shall
be lawful for such subscribers or stock
holders, or majority thereof, TO organize
said company in accordance with the pro-
visions Of this act, and to elect not less
than seven, nor more than seventeen direc-
tors. a majority of whom shall be necessary
to the transaction Of business, and who
shall hold their offices for one year and
until their successors shall be elected and
qualified and the said directors shall imme-
diately proceed to elect president, vice
ident and vice president shall be directors
At all elections for directors each share of
stock shall be entitled to one vote, which
may be given by the holders in person, or by
proxy, who shall also be a Shareholder.
The directors shall hold their Offices for any
term not exceeding three years. as may be
provided in the bylaws; and the annual |
Of stockholders shall take place as
provided for in said by-lawe.
SEC 3. That the capital stock of the Texas |
Pacific Railroad Company shall be fixed BY |
he board Of directors at q sum not exceed |
ing fifty millions Of dollars. in shares |
If one hundred dollars; and wien the !
AMOUNT IL so fixed, it ehall never be in. |
creased except by consent of Congress. As |
,essments upon said stock shall only be |
made by a majority vote Of the whole num- |
Der Of directors at a regular meeting. which |
aid assessments shall be paid at the expira-
ion ofthirty days after a notice given in
me newspaper in each Of the cities Of Wash
ngton, Philadelphia, New York and New
orleans. t1
SIC L. That the said Texas Pacific Rail-
Dad Company shall have power and lawful
authority to purchase the stock land |
rants, franchises and appurtenances of,
md consolidate ON such terms as may be
greed upon between the parties, with any
ailFoad company or companies heretotofore
'hartered by congressional, State or terri
oral authority, ON the route prescribed in
he first section Of this act; but no such con-
Oxidation shall be with any competing
through line Of railroads to the Pacific
SEc.,a That the said company shall have
'ower and authority to make running ar
angements with any railroad company or
ompanies heretofore chartered, or thatmay
hereafter be chartered bv congressional,
.tate or territorial authority: also to pur-
hase lands, or to accept donations, or
'tate or individuals, for the purpose Of aid
ng in carrying out the object Of this com
)anv - -
/. SEC. q. That the rights, land, land grants.
fanchlses, privileges and appurtenances
ln0 property of every description belong
ng 70 each OF the consolidated or purchased
abroad company or companies, as herein
provided. shall yest. in land become .abso-
y the property of the Texas Pacific
Railroad Company; provided. that in al
made md entered int" bv said
company with any and all other railroad
company or cOmpanies, to perfect, s,1cb
ltoresaid consolidation or purchase. the in
lebtedness OF other legal obligations of said
company or companies shall be assumed nv I
he said Texas Pacific Railroad Company a.
nay pe agree& upon, and no such consolida-
Which may exist on any Of the railroads 50 r
cnsoiidaIedF OK purchased; but said com
amy ehAll not assume. the debts or ohio.
lOns Of any compeny with which itAmar 7,
Consolidate or purchase as aforesaid! to al r
mount greater thaA the cash vslue 81 the |
ssets received from the same. 90
Sec. 7. That The Aid Texas Pacific Railroad |
omps1E Aha4 he poEeEs 70, make and r
s officers and the 6uvernment and manage
tent Of tie S6Shsdsef tho company, and to
D andpeFfoem all1es1lul and proper things |
j he done sa9aspsrfosmed 81 promote
70 Ot3oooo a. 80 DondnQny hW6bv -inCorL