New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-10-30
no. 81


| 10 authorize the North Louisiafa and
! Texas Railroad Company to substitute
! stock OF said company instead OF second
! mortgage, IL favor Of the State. and to
| release the said company from other ia
I bilities 20 the State.
! SECTION I. ije g enacted by The Senate
! and House of Representatives of the State
| Of Louisiana in General Assembly con.
| Tened, That in lieu Of the second mortgage
! required by che eleventh section Of the
| charter of the North Louisiana and Texas
Railroad company, TO be given TO secure
! the State for the ultimate Davment OF the
| bonds Of the State, issued in conformity TO
said charter, or acS No. 10S Of the session
acts of the General Assembly of 1868. the
said North Louisiana and Texas Railroad
Company may give stock of said company
to the State to an amount equal 20 the
aggregate sum of the State bonds
issued or to be issued under said charter.
or act No. 1903 OF 1868. 70 wit: eleven thou.
sand tive 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
OF said company, and in consideration of the
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. I08, 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. That
within sixty days after the passage of this
act the president and directors of the said
North Louisiana and Texas Railroad Com
pany shall, at meeting held for that pur.
posey adopt all the provisions Of this act, a
copy of which resolution or resolutions Of
adoption shall be delivered to the Governor
OF the State within ninety days after the
passage Of this act. who shall file the same
in the office Of the Secretary of State, and
1t 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
tIhCate or certificates of stock, according to
the provisions of this act. to cause to he
prepared, signed and executed, according |
to the twelfth section of the charter of said
act No. I08 Of 1868, the said five hundred
and seventvsix thousand dollars Of said i.
bonds YET to be issued, and deliver the |
same TO the presid ent Of said railroad COM
pany, which shall be. with the bonds al |
ready issued, payment in full for said stock. |
SEC. ). BE it further enacted, etc, That |
the Governor shal! have the right to ap.
point annually. on behalf of the State. one |
of the nine directors now authorized to be I
elected by the stockholders to reprensenC |
the interests OF the State in said company, |
the stockholders eleeting the other eight |
directors.
SEC. 4. Be il further enacted, etc, That
this act shall take effect from and after is
passage.
(Signed} O. II. BREWSTER,
-,