New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-09-20

| meetings OF stockholders shall take place a
provided for in said bylaws. s :
Sec. 3. That thecapital stock of the Texa'
Pacific Railroad Company shall be fixed By
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 mum
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
tOrlal authority, on the route prescribed in
sOlidation shall be with any competing
through line Of railroads to the Pacific
Ocean.
SEC. s. 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, OF 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-
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 by
the said Texas Pacific Railroad Company as
may be agreed upon, and no such consolda-
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 OF obliga-
tons OF any company with which it may
consolidate or purchase as aforesaid, to an
amount greater than the cash value of the
assets received from the same.
SEC. 7. That the said Texas Pacific Railroad
Company shall have 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 10
do andperform all needful and proper things
to be done and performed to promote
the objects Of the company hereby ihcor-
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
1,o ~Lo :
granted to the sad company for the con-
struction of the said railroad and telegraph
line. and the right. power and authority is
hereby given to said company to take from
the public lands adjacent to the line of said
road, earth. stone, timber and other mate
rails for 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 !: may pass
over the public lands; and there is also
hereby granted to said company grounds
for stations. buildings. workshops. wharves.
switches, side-tracks, turntables. water
stations, and such other structures as may
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 fer, ,heIe is
hereby granted 10 the said Texas Pacific
Adih oAu OoupiuH' Ns SUCCESSORS ana
assigns, every alternate section OF public
land. not mineral, designated by odd
numbers, to the amount Of twenty
alternate sections per mile. On each
side Of said railroad line. as such line NAV
be adopted by said company. through The
Territories of the United States. and ten
alternate sections of land per mile on each
side of said railroad in California, where
the same shall not have not hare been sold,
reserved. or otherwise disposed of by the
United States, and to which a presumption
,r homestead claim may no. have attached
1t the time the line OF said road is definitely
ixed. In case any OF said lands shall have
been sold. reserved. occupied. or pre- |
'mpted. or otherwise disposed OF, other
ands shall be selected in leu thereof by |
said company. under the direction Of the |
of the Interior, in alternate sec
ions and designated by odd uum bers. not |
more than ten miles beyond the limits OF |
aid alternate sections first above named. |
md not including the reserved numbers |
#. in the too near approach OF the sa,d rail-
Dad line to the boundary OF Mexico, the |
lumber of sections OF land 10 which the |
company is entitled can NOT be selected i'm
nediately on the line of said railroad. or in |
leu of mineral lands excluded from this
rant, Like quantity Of unoccupied and
agricultural lands, IN odd
sections nearest the line OF said
abroad NAV be selected as above provided:
nd the word mineral" where it occurs in
his act. shall not be held to include iron or
oal: Provided. however. That no public
ands are hereby granted within the State
# California further than twenty miles on
ach side of said read. except to make up
deficiencies as aforesaid, and then 10. 10
xeeed twenty miles from the hds origin
lily granted. The term ''ship's chanuel"
S used in this bill, shall not be construed
$ conveying any greater right 20 said
ompany to the water front at San Diego
ay than ii may acquire by gift grant. pur-
base or otherwise. except the right OF way,
S herein granted; and provided further,
hat all such lands, SO granted by this
ection to said company. which shall not be
old or otherwise disposed of. as provided
4 this act. within three years after the
olnpletion of the entire road, shall be sub
sct to settlement and presumption like
Their lands. at a price to be fixed by and
aid to said company, not exceeding AN
verage of two dollars and fifty cents per
ere for all the lands herein granted.
SEC. H. That when the route Of said rail |
Dad and telegraph line shall pass through
he lands OF private persons. or where it
lay be necessary for said railroad company
, take any lands belonging to private per-
ons for any of the purposes herein men
Oned necessary to said road such right of
'ay through or title to such lands shall be
,cured in accordance with the laws OF the
tate or Territory ia which they may be
tuated.
SEC IL. That the Texas Pacific Railroad
olnpany shall have power and authority
} issue two kinds Of bonds. secured by
Ortgage, namely: first, construction bonds:
,coEd, land bonds. Construction bonds
lall be secured by mortgage. first. on all
any portion of the franchises. road bed