The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-05-17

the said the Sherman. Shreveport and
southern Railway company and It's prop
erty to the same extent that said property
would be liable therefor II the properly re-
NAMED in the possession OF the said the
Sherman. Shreveport and Southern Railway
company: and the said the Missouri. Kan.
sas and Texas Railway company OF Texas
shall take the same charged herewith. and
subject to the payment hereof and the as
sumption by said the Missouri Kansas and
Texas Railway Company OF Texas,
OF such encumbrances. debt and liza
bilities may enter into and constitute a
part OF the consideration OF such sale and
conveyance, and the said the Missouri,
Kansas and Texas Railway company of
Texas may exchange its stocks and bonds
for the outstanding bonds and stocks Of the
said the sherman, Shreveport and South
ern Railway company upon such terms as
may be agreed upon between said railway
companies With the holders OF such out
standing bonds and stocks; provided. all
the outstanding bonds aud stock OF said
the Sherman, Shreveport and Southern Rail-
way company, so exchanged. shall be can
celied and extinguished; provided further,
that the stock and bonds OF the Missouri,
Kansas and Texas Railway company Of
Texas issued in exchange for the stocks
and bonds OF the sherman, Shreveport
and Southern Railway company shall not
exceed the valuation of the said the Sher-
man, Shreveport and Southern Railway
company as fixed by the railroad commits
sion OF Texas; provided further, that moth
ing herein contained shall be construed as
affecting, In any manner. any suit pend
Ing between the State OF Texas and the
said the Missouri Kansas and Texas Rail-
way company OF Texas, nor as affecting
In any manner, the discretion Of the at
torney general of Texas TO prosecute or
not to prosecute any such suit. or as In
any manner waving any cause of action
now existing In favor OF the State OF Texas
against said railway company.
Sec. 5. The said railroad companies
herein mentioned are hereby authorizes
and empowered, after the extension of said
the sherman, Shreveport and Southern
Railway company to the east line OF the
state, to enter into contract or lease
whereby the said the Sherman, Shreveport
and southern railway, and its appurtenant
property shall be leased to said the Mis-
souri,, Kansas and Texas Railway COM
pany or Texas, upon terms to be agreed
upon between said companies, and il at the
time OF making such lease the sherman
Shreveport and Southern Railway COM
pany shall have acquired the right TO the
use of the connecting railroad leading to
shreveport, La, and of the terminal IA
cilities there, as herein provided, then its
right therein may be included In such con-
tract of lease, and II such rights in the
connecting railroad in Louisiana and in
the terminals at Shreveport have not been
acquired, the said tho Missouri, Kansas
and Texas Railway company OF Texas, is
hereby authorized and empowered to ac
quire them in Its own right; provided,
however, that the exercises of the right
TO make tho lease herein authorized, shall
not prevent the said railway companies
from at any time thereafter making the
purchase aud sale herein authorized; pro-
vided further, that the said the Missouri,
Kansas and Texas Railway company of
Texas and the said the Sherman, Shreve-
port and Southern Railway company shall
not make the lease or purchase OF the Sher-
man, Shreveport and Southern railroad au-
thorized by this act until the railroad
Of the said the Sherman, Shreveport and
Southern Railway company shall be ex-
tended from Jefferson 10 the east line OF
the State, and the railroad of the said the
Missouri, Kansas and Texas Railway COM
pany of Texas shall be extended TO the
city of San Antonio; nor unless such ex-
tensions shall be made within two years
from the passage of this act.
Sec. 6. Be 1t further enacted that the
sale and purchase or lease herein author
lied shall be valid and binding only when
approved by the assent OF the holders OF a.
least four -fifths OF the outstanding capital
stock of the said the Missouri Kansas
and Texas Railway company of Texas, and
of the said tho Sherman, Shreveport and
Southern Railway company, given in writ
ing, or at a meeting of the said stock
holders OF the said railway companies
respectively, and certified copies of the
conveyance or lease. and of such assents
in writing, or certified copies of the rec
us OF ne proceedings of such corporate
meetings authorizing the same under tn
hands of the secretaries % said railway
companies and the corporate seals OF saiC
companies shall be filed with the secretary
OF state.
Sec, T. All courts within this State are
/ required to take judicial notice of thii
act, and OF the powers and privileges here.
/ in granted in like manner as II the SAM
were general law, the acceptance OF th'
provisions of this act is an agreement OF
the part OF the Missouri, Kansas and TeXa
/ Railway company in Texas to abide by anC
I submit TO the rates, rules, regulations ant
requirements of the railroad commission o
the State of Texas until the same are Sc
aside by a court OF competent jurisdiction
on final hearing, and this act shall no
be conclusive OF the rights of the State a
10 any question OF law or fact necessar
or presumed to have been determined b.
the. legislature In order to comply witt
article 10, sections and 6, of the consti
tuition OF the State OF Texas.
Sec S. The fact that important publ
interests are to be subserved by the pass
age OF this act, providing for the enlarge
ment and urifyiDg Of an important railwa
system OF the state, and for additions
transportation facilities to the citizen
thereof, and the great number Of bill
now pending before the legislature, create
an imperative public necessity and emer
gency which justlfes the suspension OF tn
constitutional rule requiring bills to b
rea in each house on three several DAYS
and such rule is therefore 70 suspended
and that this act take effect and be in fore
from end after its passage, and IL is there
fore SO enacted,
PHARMACEUTICAL ASSOCIATION.
Annual Session Is Now Being Hell
at Wnco.