New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-09-22
Avs OF THE STATE OF LOUISIANA
PUBLISHED BY AUTHORITY.
AN ACT

AN ACE
70 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 liza
bilities to the State.
SECTION !. Be it enacted by the Senate
and House of Representatives Of the State
of Louisiana in General Assembly con.
vened, That ii 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 108 Of the session
acts Of tie 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 to the
aggregate sum of the State Bonds
issued or to be issued under said charter,
or act No. l08 Of 1868, to wifi: 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
Ot said company, and in consideration Of the
Issue and delivery of said stock by said
company to the State the said North Louis
dana and Texas Railroad Company shall be
relieved from all liability on the aforesaid
bonds Of the State, and that on. the de-
avery OIL inc STOCK aforesaid the REMAINDER
OF the whole number of bonds authorized
to be issued by the aforesaid charter and
act No. I0S 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. .. 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
Gany 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 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
tiicate 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 of 1868, the said five hundred
and seventy six Thousand dollars of said
bonds yet to be issued, and deliver the
same to the presid emit of said railroad COM
pany, which shall be, with the bonds al |
Ceady issued, payment in full TOY said stock. !
SEC. 3. Be it further enacted, etc, That
che Governor shall have the right to ap- |
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
Ghis act shah take effect from and after its
passage.
(Signed) OF. BREWSTER,
Speaker Of the House of Representatives.
(Signed) 2. B. S. PINCHBACK, /!
Lieutenant Governor and President Of the :,
Senate. !
Approved April 10, 1872. |
kSigned) II. c. WARMOTR, 7
Governor Of the State Of Louisiana. |
a true copy:
Y. A. WOODWARD, |
Assistant Secretary of State