New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-11-02
No. 81
No.
An ET

S~-% ~
To authorize the North Louisiana and
Texas Railroad Company 70 substitute
stock of said company instead OF second
mortgage, in favor OF the State, and TO
release tho said company from other Jia-
bilities TO the State.
SECTION I. Be 10 enacted by che 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
I charter of the North Louisiana and Texas
railroad Company, to be given to secure
! the State for the ultimate payment Of the
bonds OF she State, issued in conformity 10
| said charter, OF acS No. i0S Of the session
acts Of the General Assembly of 1868, $he
said North Louisiana and Texas Railroad
Company may give stock Of said eomDany
to The State to an amount equal 20 the
aggregate SUM of che State bonds
/ issued or 20 be issued under said charter.
OF act No. 108 OF 1868, to wiz: eleven thou
sand 1--WE hundred and twenty shares ar
eleven hundred and TWENTY-FIVE thousand
dollars OF the sixty thousand shares, or
six millions OF dollars of Che capital stock
of said company, and in consideration Of the
issue and delivery OF said stock by said
company to the STATE che said North Louis
lana and Texas Railroad Company shah be
relieved from all liability on the aforesaid
bonds OF the State, and that on the &C.
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, 70 wit: five hundred and sew
enty-six bonds 0t ore thousand dollars each,
shall be Immediately 5ssued and delivered
to the president of sad u by the
Governor OF the Stateo
SEC. :. 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. a
copy Of which resolution or resolutions Of
adoption shall be delivered the Governor
OF the State within ninety days after the
passage OF this act, who shall! file the same
in tho 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 Yail-
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. LOS of 1868, the said five hundred
and seventy sig thousand dollars Of said
bonds Yet to be issued, and deliver the
same TO the president of said railroad COM
pany, which shall be, with the bonds al
ready issued, payment in full tor said stock. |
sEG' > DIT u TURNER enacted, etc.e mat
the Governor shall have the right to APP !,
point annually, on behalf of the State, one
of the niue directors now authorized to be |
elected by che stockholders to r~eprensenT |
the interests Of the State in said mpan |
the stockholders electing the other eight
directors.
SEC. 4. Be it further enacted. etc, That
act shall take effect from and aftey its
passage.
(Signed3 0. II. BREWSTER.
of the House of Representatives
(Signed) p. B. S. PINCHBACK, |
Governor and President Of the
Senate. |
approved April 10, 1879
(Signed) II. c. WARMOTFY,
Governor OF the State OF Louisiana.
q .rue copy:
y. 4. WOoDWARD,
Assistant Secretary Of State.