New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-09-08
LAWS OF THE UNITED STATES.
Passed Mt the Third session of the Forty.
First Congress.

L
Railroad Company, and to aid in the con-
| struction of its Road, and for other pur-
| poses. ~. Il.
1 Be it enacted by the Senate and House of
| Representatives of the United States OF
| America in Congress assembled, IhaJ John
| O. c. French. John d. Caldwell, j. j. Noah, "A.
| c. Osborne, Timothy Hurley, c. c. Pool
! Silas n. Martin, John NJ. Corse, George E.
| Wentworth, Philip II. Morgan, j. D. Cam
| eron, Marshal o. Roberts, James L. Hodges,
John Ray, w. Yermilye, Enoch L. Faucler
| Charles f. Livermore, Joseph H. Oglesby,
John Whytock, Daniel Drew, f. S. Davis,
| w. Orion, A. c. Babcock, Thomas A. Scott
| Samuel D. Hoffman, HI. Ramsdale, William
| H. Jackson, r. G. Parsons, Delos w. En-
| mons, NJ. A. Southwortb, John II. Hall, G..
| c. Kinney, w. P. Clark, James Dart, III.
Jacobs. L. T. Smith, w. P Dole, C. A. Weed,
A. P. K. Stafford, H. Mccullough, Charles
Jackson, Elisha Dyer, Alfred Anthony,
james Hoy, M. w. Benjamin, Fl. d. Cooke,
| Joseph X. West, w. S. Huntington, j. NJ.
| Tebbetts, G. c. Leondridge, D. ID. Porter,
M. Woodruff, Hiram Price, NJ. c. Hunter,
| w. T. Walters. j. B. Brownlow, 7. A. Nor
| ris, Owen fuller, j. III. Ledlie, r. NJ. Bishop,
| Samuel Craighead, d. n. Stanton, Au-
| gustus H. Whiting, G.. L. Johnston. j. w.
| Goodland, Powell Clayton, Samuel Tate,
". Bolton, H. Robinson, George Nancy,
o. H. Bynum, M. Burns, j. c. Good
loe, E. G. Barney, Cyrus Bussey, J. w.
ton, w. Flanagan, G. O'Brien, G. P. Buel,
| G. H. Gliding, j. j. Newell, E. 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 I.
Sprague, L. +. Marsh, A; w Beckwith' ).
| N poIl vvip 7 IL
ton. Rush r. Sloan, Silas G. Colgrove, Sam
uel D. Jones, n. II. Decker, William n.
Leet, +. E. Allen, J. B. Chaves, A, gustus
| Kountze, John n. Goodwin, William s.
| Rosecrans, Michael Hahn, H. c. Walmoth,
j. S. Williams, G.. NJ. Spencer, L. J. Highly,
w. C. Kimball, and all such persons as shall
or may be associated with them, and their
successors, are hereby created 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 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 empowered to lay out,
locate, construct, furnish, maintain,
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-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 NAV 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 [pol 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 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 a notice TO he signed
by the person first named in the list OF
corporators and six of his associates. and to
be published for two weeks il, at least, one
daily paper in New York, New Orleans and
Washington and, when so met, they may
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 it shall
be lawful for such subscribers or stock
holders, or d 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 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
term not exceeding three years, as may be
provided il 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 a 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
creased except by consent of Congress. As
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
I.1,
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
tor1al authority, on the route prescribed in
the first section CT this act; but no such con-
sOhdatlon 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
rangements with any railroad company or
companies heretofore chartered or that NAV
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 individuals, 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 appurtenanccs
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