Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-04-16
JUST RECEIVED,

of stock the statement herein required %
be- made by the board of directors shall
state that all existing shares Of stock
have becu paid In fun or that all shares
not paid in full have been sold out or
forfeited under the law. In no event
shall the stock exceed the value of the
railway property and the correct nggre'
gate amount of stock 40 issued by each
RAILWAY company shall be certified TO aud
registered la the office Of the Secretary of
State 10y or az the instance of the rail.
road commission
Sec s. Whenever any railroad COM
pany iu this State shall hereafter desire
10 make. issue and SCH any bonds or
evidences Of debt which IRE 20 become %
lien on It's property, Il shall comply with
the laws OF this State regulating the
same, aud IA addition thereto shall have
said bonds prepared, signed by the prcsi-
dent Of the company aud attestpd 10y
the secretary, with the seal of the sec
retnry. with the seal OF the company
attached thereto. fhch bond SHAH be
numbered beginning with number one,
or the next highest number of any pre-
ccding bond Issued by IL, and continue
consecutyely until all are numbered.
The bonds shall be dated, made payable
M a time not exceeding thirty years
from date, and shall bear interest not
exceeding q per cent per anuum. The
said bonds, when thus prepared, shall
be presented 10 the railroad commission
writing signed aud sworn 10 by the
president of said company, showing
amount Of the stock of said company
aud the amount Of outstanding bonds, "
any, Of such company. II said bonds
are such ms are permitted under this law
and the railroad commission shall be so
satisfied, IL shall approve said bonds and
Ill % al "a Ill
rectlon to register said bonds. specifying
the numbers, dates aud amounts thereof
And said commission shall keep IN it,
Office correct record OF the bonds 80
approved by IT, giving the namo Of the
company, the numbers, dates Of eKecu-
ton and maturity Of the bonds, the
amount and rate 81 interest of each
and date Of approval Provided that
this provision shall not apply 90 receiY-
ers certificates whore the amount does
not exceed 100000.
Sec. g. When any such bonds shall be
presented 10 the Secretary OF State with
the direction aforesaid TO register, he
shall register said bonds by entering q
description thereof IN a book 20 be kept
Tor that purpose, which shall show the
date, number, amount, when due the
rate of Interest on each bond aud also
the date when the same y registered,
II
each bond, under the seal Of his Office
and his official signature, together with
tho date thereof. as fOlloys: This bond
n registered under the direction Of the
railroad commission Of Texas" No bond
or other evidence Of debt hereafter IT,
sued by or under the authority ot any
person, firm, corporation, court or rail-
road company, whereby a lien is created
on its franchises or property situaied
I'm this state. shall be valid or have any
force until the same has been registered
as required herein.
Sec. 10. II any railroad company own
ing or operating a railroad IN thi8 state
shall hereafter issue or consent 90 or
cause 10 be issued any bonds or other
evidences Of debt 20 be OF become a lien
on It's railroad property 50 owned or
operated, or shall issue any stock not IN
accordance with the provisions Of CHS
act, such action shall work q forfeiture
Of the charter Of said company, ana Il
shall be the duty Of tho Encouragement
10 institute proceedings IN a court OF
competent Jurisdiction to forfeit tho
same.
Sec. II. Every certificate Of stock IN
any railroad company, aud every bond
and other evidence Of debt operating az
a lion upon the property Of such railroad
company which shall be made issued OF
cold without q compliance with this act
shall BIZ void.
Sec. ~. Each and every railroad d.
rector. president, secretary or other
official who shall knowingly make any
false statement upon which 10 secure
the registration of any bond or other
evidence Of debt as aforesaid, or who
ahal By false statement knowingly made
procure Of the railroad commission direc-
dion 20 the Secretary Of State 20 register
the same, and which shall be by the
secretary Of State registered. or shall
with knowledge q such fraud, negotiate
or cause 10 be- negotiated any gnch bond
or other gecurity issued ga violation Of
this act shall be guilty 81 felony, and
upon conviction thereof IN any court Of
Competent Jurisdiction. shall be punished
by confinement az hard labor h Cue state