New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-10-25
AN ACT

CIV &AD .
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 80
release the said company trOm other iia-
bilities to Che State.
SECTION I. 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 the
charter of the North Louisiana and Texas
Railroad Company. to be given 80 secure
the State for the ultimate payment 0f the
bonds of the State, issued in conformity to
said charter, or act No los OF the session
acts of the General Assembly o& 1868. the
said North Louisiana and Texas Railroad
Company may give stock of said company
to the State to an amount equal 80 the
aggregate sum OF the State bonds
issued Or TO be issued under said charter.
or act No. los OF 1865 TO wit: eleven thou
sand two hundred and twenty shares or
eleven hundred and twenty-five thousand
dollars of the sixty thousand shares, OK
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 shah be
released from all liability on The aforesaid
bonds OF the State, and that on the de
livery Of the stock aforesaid the remainder
of che whole number of bonds authorized
to be issued by the aforesaid charter and
act No. ZOE. to wit: five hundred and sew
enty-six bonds of one thousand dollars each,
shall be Immediately issued and delivered
to Che 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 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
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 six thousand dollars of said
bonds vet to be issued. and deliver the |
same to the presid ent of said railroad COM
pany, which shall be, with the bonds al
ready issued, payment in full ton said stock. |
SEC. ;. 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 0they eight |
directors
SEC. 4. Be il further enacted. etc, That
his act shall take effect from and after It's
passage.
(Signed} o. H. BREWSTER,
Speaker of the House of Representatives
(Signed) P B. s. PINCHBAGK,
Governor and President OF che
Senate.
approved April 10. 1879
Signed II. &. WARMOTR.
Governor of the State OF louisiana
q true copy:
l. A. WOODWARD,
Assistant Secretary Of State.