New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-09-02

Passed * the Third session of the Forty
First Congress.

AN ACT to incorporate the Texas Pacific
Railroad Company, and to aid IN the con-
poses.
Be it enacted by the Senate and House of
Representstives of the United States of
America in Congress assembled, That john
C. Fremont James L. Alcorn, G. NJ. Dodge,
o. C. French, John D. Caldwell, j. j. Noah,A
C. Osborne, Timothy Hurley, C. c. Pool,
Silas N. Martin, John M. Corse, George Z.
Wentworth Philip II. Morgan, j. ID. Cam
eron, Marshai,O. Roberts, James L. Hodges,
John Ray, w. Nermilye, Enoch L. Faucher,
Charles +. Livermore, Joseph III. Oglesby,
John Whytock, Daniel Drew, F. S. Davis,
w. Orion, A. c. Babcock Thomas A. Scott,
Samuel d. Hoffman. H. Ramsdale, William
H. jackson, r. c. Parsons, Delos w. En-
mons, NJ. A. Southworth, John II. Hall, y.
G.. Kinney, w. p. Clark, James Dart, ID.
Jacobs, l.. T. Smith, w. p. Dole, c. A. Weed,
A. P. K. Stafford, Il. Mccullough, Charles
jackson, Elisha Dyer, Alfred Anthony,
James HOY, NJ. w. Benjamin, H. D. Cooke,
Joseph K. West, w. S. Huntington, j. M.
Tebbetts, C. c. LeonGridge, D. D. Porter,
NJ. Woodruff Hiram Price, NJ. c. Hunter,
w. T. Walters, j. B. Brownlow, t. A. Nor
ris, Owen fuller, j. II. Lsdlie, r. NJ. Bishop,
gustus H. Whiting, G.. L. Johnston, j: w.
Goodland, Powell Clayton, Samuel Tate,
". Bolton, H. Robinson, George Nancy,
O. II. Bynum, NJ. Burns, j. c. Good
loe. e. G. Barney, Cyrus Bussey, j. w.
Forney, j. Lockwood, E. VI. Davis. n. Pat
ton, w. Flanagan, G. O'Brien, G. p. Buel,
G. II. Gliding, J. j. Newell, +. w. Rice, X.
NJ. Shoemaker, Samuel Sloan, S. w. Morton,
j. B. Bowman, L. NJ. Flournoy, j. j. Kinds.
G. r. Weeks, J. T. Ludeling, B. c. Gilbert,
b. D. Williams, Thomas Olcott, G. A. Eos
dick, Harry HAYS, P. S. Forbes. John L.
Sprague, L. r. Marsh, A. w. Beckwith, j.
G. Stanton, Cyrus H. Baldwin, A. j. Hamil-
ton, Rush X. Sloan, Silas c. Colgroye, Sam
uel d. Jones, n. II. Decker, William n.
Leet, f. Z. Allen, j. B. Chaves, Augustus
Kountze, John n. Goodwin, William 5.
Rosecrans. Michael Hahn, II. c. Warmoth,
j. S. Williams, G. NJ. Spencer, L. j. Highly,
w. c. KimbaH, and all such persons as shall
or NAV be associated with them, and their
successors, are hereby created a body poll
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 De 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 a common seal; and
| the said corporation is hereby author
lied and empowered to lay out,
| locate, construct, furnish, MAINTAIN,
| 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 thlrty-second
| 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-
iona, to point on the Rio Colorado, at or
fha of ha
| 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 NAV be.
the thirty-secOnd parallel of north latitude,
| and is hereby vested with all the powers,
privileges and imnunities necessary 10 carry
| into effect the pur [po] ses of this act.
| SEC. ?. 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 tTansac-
| 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 time
| to be designated in a notice to be signed
| by the person first named il 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 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 for its safe
| keeping and payment 70 the treasurer of
the company when organized, then it shall
| be la awful for such subscribers or stock
| holders, or a 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
| Gualfied and the said directors shall imme-
| diately proceed to elect 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 in the bylaws; and the annual
meetings of stockholders shall take place as
| provided for in said bylaws.
| DEC. y. L nat IHe capital STOCK Ul Guc IcAaS
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 il shall never be in
! creased except by consent of Congress. As
sessments upon said stock shall only be
! made by q majority vote of the whole num-
Der Of directors al regular meeting, which
| said assessments shall be paid at the expira-
| ton of thirty days after a notice given in
one newspaper in each of the cities of Wash
! ington, Philadelphia, New York and New
| Orleans.
| SEC T. 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 NAV 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. ). That the said company shall have
power and authority to make running ar
! engagements with any railroad company or
companies heretofore chartered, or that may
hereafter be chartered bv congressional
State or territorial authority; also to pur-
chase lands, or to accept donations, or
grants Of lands, or other property, from
State or individuals, for the purpose of aid
ing in carrying out the object Of this COM
pany.
SEC. 6. 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-
iuteIv the nronertv of the Texas Pacific