New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-10-17
Avs oE TRE sTATE OF LOUISIANA
PUBLISHED BY AUTHORITY.
AN ACT


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 LA
bilities to the State.
Section l. Be it enacted by the Senate
and House of Representatives of the State
of Louisiana in General Assembly con-
vened, That in lieu Of the second mortgage
required by the eleventh section OF Inc
charter Of the North Louisiana and texas
Railroad Company, to be given g secure e t1se
the State for the ultimate payment OF the
bonds of the State, issued in conformity 10
said charter, or act No. 108 OF the session
acts of the General Assembly OF 1865, the
said North Louisiana and Texas Railroad
Company may give stock OF sald 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. I08 Of 1868, 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
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. 1913, 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. 2. 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 a meeting held for that pur-
pose, adopt all the provisions of this act,
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
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. l0S Of 1865 the said five hundred
and seventy six thousand dollars of said
bonds yet to be issued, and deliver the
same to the presid ent Of said railroad conn.
pany, 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 APP
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. ,-
Speaker Of the House of Representatives.
tSigned) P. B. S. PINCHBACK,
Lieutenant Governor and President Of the
Senate.
Approved April 10, 1872
(Signed) H. G. WARMOTH,
Governor of the State of Louisiana.
A true copy:
Z. A. WOODWARD,
Assistant Secretary Of State.