The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1872-03-09

Inc Norm LOUISIANA ana leN0S ktAllrONt
The following is Il copy ofa bill clt.
acted upon the last days session of tb,
legislature ii
To authorize the North Louisiaro
and Texas Railroad Company to suk
stitute stock of said company instear.s.
of second mortgage in favor of the Stattp
and to release the said company froi i
other liabilities of the State. y
Section 1. BE it enacted by the Se,f
ate and House of Representatives. m'
General Assembly convened, That
lieu of the second mortgage, requireal
10y tfIc eleventh. section Of ttIc CHARTS
of the North Louisiana and Texas Rat,
rOad Company, to be given to sccuAn
the State for the ultimate payment Of
the bonds of the State, issued in coz,
formity to said charter or act No. lbe
of the session acts of the General Ahe
sembly 1868, the said North I.Ouisialfss.
and Texas Railroad Company matf
give stock of said company to the Stath
to an amount equal to the aggregat, ,
sum of the State bonds issued or to Ii.
issued, under said charter or act No.
1Os Of 1868, to-wit: Eleven thousand
two hundred and twenty shares, or
eleven hundred and twenty-five thou
sand 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 Louisiana and
Texas Railroad Company shall he re-
lieved from all liability on the nfore-
said bonds Of the State, and that on the
delivery of the stock aforesaid, the re-
mainder of the whole number of bonds
authorized to be issued by the aforesaid
charter or act No. lOS, to-wit: Five
hundred and seventy-siN bonds, OF one
thousand dollars each, shall be imlne-
diately issued and delivered to the
President OF said company by the Gov
ernOr Of the State.
Section =. BE it further enacted, etc,
That within sixty days after the pas
sage of this act, the President and Di-
rectors of the said North Louisiana and
Texas Railroad Company shall, at n
meeting held for that purpose, adopt
all the provisions of the act !; IL copy Of
which resolution or resolutions of
adoption shall he delivered to the Gov
ernOr Of the State within ninety days
after the passage of the net, who shall
file the same in the Office of the Secreta-
~ oI SNstte Nill IL S1lNII Dc tuc uuly ol
the Governor of this State, as soon as
the President of said railroad company
shall tender to him the certificates of
stock according to the provisions Of
this act, to cause to be prepared, signed
and executed, according to the twelfth
section of tho charter of said act, No.
lOS of 1868, the said five hundred and
Scventy-siX thousand dollars of said
bonds yet to be issued, and deliver the
the same to the President Of the said
railroad company, which shall be with
the bonds already issuctl) payment in
full for said stock.
Section 3. Be it further enacted, etc,
That the Governor shall have the right
to appoint annually, on behalf of the
State, one of the nine directors, now
authorized to be elected by the stock
holders, to represent the interests of the
State in said company. The stockholders
clectins the other eight directors.
Section +. BE it further enacted, etc,
That this act shall take effect from and
after its passage.
There is in the Auburn (N. W State