Page:United States Statutes at Large Volume 16.djvu/609

 FORTY·FIRST CONGRESS. Sess. III. Ch. 122. 1871. 575 treasurer, to be elected by said commissioners, who shall give bond for its T*'¢¤¤¤*‘°’» safe keeping and payment to the treasurer of the company when organ- b°°d' ized, then it shall be lawful for such subscribers or stockholders, or a com may majority thereoi, to organize said company in accordance with the provis- °’€°°lm°°· ions of this act, and to elect not less than seven, nor more than seven- Mpgmmm teen directors, a majority of whom shall be necessary to the transaction Quorum. term of business, and who shall hold their offices for one year and until their °f °m°°· &°• successors shall be elected and qualified; and the said directors shall im- Omcersr mediatcly procccd to elect a president, vice-president, secretary, and treasurer; the president and vice-president shall be directors. At all P¤>¤=i¤¤· elections for directors, each share of stock shall be entitled to one vote, which may be given by the holders in person, or by proxy, who shall also be a shareholder. The directors shall hold their offices for any term Term of onice not exceeding three years, as may be provided in the by-laws; and the °fgi"“°*:3”· t_ annual meetings of stockholders shall take place as provided for in said mgsimu mu by—laws. Sec. 3: That the capital stock of the Texas Pacific Railroad Company Capitalswoln shall be fixed by the board of directors, at a sum not exceeding fifty millions of dollars, in shares of one hundred dollars; and when the Shares. amount is so fixed, it shall never be increased except by consent of Con- I¤°'°”°- gress. Assessments upon said stock shall only be made by a majority Assessments. vote of the whole number of directors at a regular meeting, which said assessments shall be paid at the expiration of thirty days after a notice given in one newspaper in each of the cities of Washington, Philadelphia, New York, and New Orleans. Sec. 4. That the said Texas Pacific Railroad Company shall have _The corpora power and lawful authority to purchase the stock, land grants, franchises, ;‘,Q;‘s§"zcP::‘d and appurtenances ot', and consolidate on such terms as may be agreed ,,0,,,0hd,,t§, wm, upon between the parties, with any railroad company or companies here- MY Y¤il¤0¤d tofore chartered by congressional, State, or territorial authority, on the °°mP“y* route prescribed in the Grst section of this act; but no such consolida- limitation; tion shall be with any competing through line of railroads to the Pacific Ocean. Sec. 5. That the said company shall have power and authority to mw ¤¤¤k¤ {1; make running arrangements with any railroad company or companies 3E5s32E2z3p heretofore chartered, or that may hereafter be chartered by congressional, chase lands, &c. State, or territorial authority; also to purchase lands, or to accept donations, or grant of lands, or other property, from States or individuals, for the purpose of aiding in carrying out the object of this company. Sec. 6. That the rights, lands, land grants, franchises, privileges, and inguaaam. appurtenances, and property of every description, belonging to each of gl;?:;a;‘€1‘};2*° the consolidated or purchased railroad company or companies, as herein md, mv,,;,, provided, shall vest in and become absolutely the property of the Texas tl}; T§¤q¤ P3- Pacific Railroad Company: Provided, That in all contracts made and g0:,p,:;,{°° entered into by said company with any and all other railroad company 0b1igatio¤s_or or companies, to perfect such aforesaid consolidation or purchase, the g*E”ag‘;g`*£;3’°¤ indebtedness or other legal obligations of said company or companies ' shall be assumed by the said Texas Pacific Railroad Company as may be agreed upon, and no such consolidation or purchase shall impair any pieosnotimlien which may exist on any of the railroads so consolidated or pur— P“°d· chased; but said company shall not assume the debts or obligations of Limitw any company with which it may consolidate or purchase as aforesaid, to gL‘f’;‘O“f]g(L:}fb“v an amount greater than the cash value of the assets received from the wmsd, same. Sue. 7. That the said Texas Pacific Railroad Company shall haye hltules and by- power to make and enforce rules and by-laws for the election of its "°· officers and the government and management of the business of the company; and to do and perform all needful and proper things to be- done and performed to promote the objects of the company hereby incor·