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242 by a mortgage of the road, which he may transfer by means of a new concession.

The rate of interest which the obligations may bear, and the manner of retiring them, shall be fixed in each concession.

12th. These authorizations shall be in force during the time of the recess of Congress, at the end of which the Executive shall give an account of the use which he has made of them.

Given in the Palace of the Executive Power of the Union in Mexico, on the 1st of June, 1880. 2em

(Translation, from "Mexican Central Railway Co., Limited.")

Chapter I. Construction of the Railways.

Article 1. . ..

At the end of the ninety-nine years of the grant, the line will pass, in good condition and free of debt, to the