New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-09-21
LAWS OF THE STATE OF LOUISIANA
PUBLISHED BY AUTHORITY.
NJ Q. B7s
a ~ A CT

~ o. 0SS
AN ACT
To authorize the North Louisiana and
Texas Railroad Company to substitute
stool of said companv instead of second
mortgage, in favor of the state, ana "
release the said company from othef ma
biliEies to the State.
SECTION /. Be it enacted by the Senate
and House of Representatives OF the otate
of Louisiana in General Assembly con-
vened, That in lieu of the second mortgage
required by the eleventh section OF th9
charter of the North Louisiana ana leAas
Railroad Company, to be gwen 90 secure
the State for the ultimate payment ol ILe
bonds of the State, issued in conformity TO
said charter. or act No. l08 OF the session
acts of the General Assembly of 1863 the
said North Louisiana and Texas Railroad
Company NAV give stock of said company
to the State to an amount equal 10 the
aggregate sum of the State bonds
issued or TO be issued under said charter,
or act No l0S OF 1863 to wit: eleven thou
sand two hundred and twenty shares or
eleven hundred and twenty-five thousand
dollars of the sixty thousand shares, or
six millions of dollars of the capital stock
o .id company, and in consideration OF Il Q
issue and delivery of said stock by said
company to the State the said North Louis
lana and Texas Railroad Company shall be
relieved from all liability on the aforesaid
bonds of the State, and that on the de-
livery of the stock aforesaid the remainder
of the whole number of bonds authorized
to be issued by the aforesaid charter and
act No 108, to wit: five hundred and sew
enty-six bonds of one thousand dollars each,
shall be Immediately issued and delivered
to the president of said company by the
Governor of the State.
SEC q Be it further enacted, etc, mat
within sixty days after the passage OF TINS
act the president and directors OF the SAID
North Louisiana and Texas Railroad Com
pany SHALL at meeting held TOR that pur-
pose, adopt all the provisions Of this act,
COPY of which resolution or resolutions Ot
adoption shall be delivered to the Governor
of the State. within ninety days alter the
passage of this act, who shall file the same
in the office Of the Secretary of State, and
it shall be the duty of the Governor of this
State. as soon as the president of said rail-
road company shall tender to him the GER
tificate or certificates of stock, according to
the provisions of this act, to cause to be
prepared, signed and executed, according
to the twelfth section of the charter OF said
act No. 108 of 1868, the said five hundred
aud seventy six thousand dollars OF sad
bonds vet to be issued, and deliver the
same to the presid ent of said railroad COM
pauy. which shall be, with the bonds al
ready issued, payment in full Tor said stock
SEC. 3. Be it further enacted, ETC., That
the Governor shall have the right to ap-
point annually, on behalf Of the State, one
of the nine directors now authorized to be
elected by the stockholders to reprensent
the interests of the State in said company
the stockholders electing the other eight
directors.
SEC. 4. Be it further enacted, etc, That
this act shall take effect from and after its
passage. u--,-,
lSigned) o. Fl. BREWSTER,
Speaker of the House of Representatives.
(Signedl P. B. S. PINCHBACk,
Lieutenant Governor and President OF the
Senate.
Approved April 10, 1872.
lSiFned5 II. G. WARMOTH,
Governor of the State of louisiana
A true copy:
Y. A. WOODWARD,
Assistant Secretary of State.