New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-19

have perpetual succession, and shall be able
| to s,ie and be sued, plead and be implicated.
| law and equity within the United States,
| and NAV make and use q common seal; and
the said corporation is hereby author
lied and empowered to lay out,
locate, construct furnish, maintain,
and enioy continuous railroad and tele-
graph line with the appurtenances from a
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-second
parallel of north latitude, to 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-
IONA, to point on the Rio Colorado, at or
| 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 10 carry
into effect the pur fpo] ses of this act
SEC. q That the persons named in the
| first section of this act shall constitute a
| board of commissioners twenty OF whom
shall constitute quorum for the Iansac-
| ton Of businessl 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 a time
| to be, designated in q notice to be signed
| by the person first named in the list OF
| corporatOrs and six 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 subscr1p-
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 for Its safe
| keeping and payment to the treasurer OF
! the company when organized, then 1t shall
be lawful for such subscribers or stock
| holders, 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 dlrec-
| tors, 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 a president, vice
! PRESIDENT secretary and treasurer; the pres
| 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 i'll the bylaws; and the annual
| meetings of stockholders shall take place as
provided for in said bylaws.
SEC. 3. That the capital stock of the Texas
Pacific Railroad Company shall be fixed by
| the board of directors at sum not exceed
ing fifty millions OF dollars. in shares
| of one hundred dollars; and when the
amount is so fixed, it shall never be in
| ca1 1xya of nnn 4
sessments upon said stock shall only be
made by majority vote of the whole num-
| Der of directors at regular meeting, which
| said assessments shall be paid at the expira-
| ton of thirty days after notice given IN
one newspaper in each of the cities of Wash
ington, Philadelphia, New York and New
| Orleans.
| SEC. 4. That the said Texas Pacific Rail
| road Company shall have power and lawful
authority to purchase the stock, land
| grants franchises and appurtenances of,
| and consolidate on such terms as may be
| agreed upon between the parties, with any
| railroad company or companies heretofore
| chartered by congressional, State or terri
| torial authority, on the route prescribed in
! the first section of this act; but no such con-
| solidation shall be with any competing
through line of railroads to the Pacific
! Ocean.
| SEC 5. That the said company shall have
power and authority to make running ar
rangements with any railroad company or
| companies heretofore chartered, or that may
/ hereafter be chartered by congressional,
State or territorial authority; also to pur-
| chase lands, or to accept donations, or
! grants of lands, or other property, from
State or individ uals. for the purpose of aid
| ing in carrying out the object of this COM
| pany.
SEC g. That the rights, land, land grants,
franchises, privileges and appurtenances
and property of every description belong
| ing TO each of the consolidated or purchased
railroad company or companies, as herein
| provided, shall vest in and become abso-
| lutely the property of the Texas Pacific
Railroad Company; provided, that in all
| contracts made and entered into by said
company with any and all other railroad
| company or companies, to perfect such
aforesaid consolidation or purchase. the in
| debtedness of other legal obligations of said
| company or companies shall be assumed bv
the said Texas Pacific Railroad Company as
| may be agreed upon, and no such consolida-
ton or purchase shall impair any lien
which may exist on any of the railroads so
consolidated or purchased; but said com
pany shall not assume the debts or obliga-
tons of any company with which it NAV
| consolidate or purchase as aforesaid, to an
amount greater than the cash value of the
assets received from the same.
Sec. Z. That the said Texas Pacific Railroad
company shall nave power to make and
! enforce rules and bylaws for the election of
| its officers and the government and manage
! ment of the business of the company and to
| do and perform all needfnl and proper things
to be done and performed to promote
the objects of the company hereby incor-
| porated, not inconsistent with the laws of
the United States and the provisions of this
| charter.
| Sec. 8. That the right of way through the
| public lands be, and the same is hereby.
| granted to the said company for the CON
struction of the said railroad and telegram
| line, and the right, power and authority is
| hereby gwen to said company to take, from
| tue public lands adjacent to the line of said
road, earth. stone, timber and other mate
| rails tor the construction thereof. Said
right OF way is granted to said company to
| the extent of two hundred feet in width on
! each side of said railroad where it NAV pass
| over the public lands; and there is also
| hereby granted to said company grounds
| for stations, buildings, workshops wharyes.
| switches, side-tracks, turn tables, water.
! stations, and such other structures as NAV
! be necessary for said railroad, not exceed
ing forty acres OF land at any one point.
| Sec 9. That for the purpose of aiding in
the construction of the railroad and tele-
| graph line herein provided for, there is
hereby granted to the said Texas Pacific
Railroad Company, its successors and
| assigns, every alternate section of public
land, not mineral, designated by odd
numbers, to the amount of twenty
alternate sections per mile, on each