New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-10-26
Mo- 81.


To authorize the North Louisiana and
Texas Railroad Company to substitute
stock of said company instead OF second
mortgage. IN favor OF the State, and to
release the said company from other !ia-
biGties to the State
Section I. Be it enacted by the Senate
and House of Representatives Of the State
OF Louisiana in General Assembly con.
yened, That in lieu Of the second mortgage
required by the eleventh section of the
charter of the North Louisiana and Texas
Railroad Company, TO be given to secure
the State for the ultimate payment OF the
bonds of the State, issued in conformity to
said charter. or act No, los Of the session
acts of the General Assembly of 1863 the
said North Louisiana and Texas Railroad
Company may give stock of said company
to the State 10 an amount equal to the
aggregate sum of the State bonds
issued or 10 be issued under said charter.
ar act No. tOS OF 1868 10 wit: eleven thou
sand two hundred and twenty shares or
eleven hundred and TWENTY-FIVE thousand
dollars OF che sixty thousand shares. or
six millions Of dollars of the eaI,itai 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
iana and Texas Railroad Company shah 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. lGS, 10 wit: five hundred and sew
enty-si8 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. , Be il 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-
pose, adopt ali 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
i'll 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.
titiCate 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. I08 et 1868, the said five hundred |
and seventy six thousand dollars OF said
bonds yer to be issued, and deliver the |
same to the presid ent Of said railroad com !
panys which shall 6e, with the bonds al |
ready issued, payment in full toy said stock. |
SEC 3. Be il further enacted, etco That |
Che Governor shall have the right 90 ap- |
point annually, on behalf of the State, one |
of the nine directors now authorized 80 be !
elected by the stockholders to reprensent |
the interests OF the State in said company, !
the stockholders electins the other eight
directors.
SEC g. Be it further enacted, etc, That
this act shall take effect from and aftey its
passage.
Speaker OF the House of Representatives.
(Signed) p. b. S. PINCHBACK,
Governor and President Of the
Senate.
approved April 10, 1879.
tSigned} H. G. WARMOTR,
Governor of the State OF Louisiana.
q true copy:
/. A. WOODWARD,
Assistant Secretary of STATE